As a common practice, the owner of an immovable property can gift the property out of love and affection or for any reason whatever, to any other person. In other words whenever the owner of property decides to transfer his/ her property without consideration, a gift deed is required. It is a legally binding agreement between two parties. A Gift Deed needs to be signed by the Donor, attested by atleast two witnesses and should be registered. The amount of stamp duty payable on registration will depend upon the rates prevailing in respective state. A person must be competent to contract to make a gift of his/ her property.