Can gifted property be transferred?
James Williams
Updated on March 14, 2026
As per the Transfer of Property Act, the transfer of a house property under a gift, has to be effected by a registered instrument/document, signed by or on behalf of the person gifting the property and should also be attested by at least two witnesses.
Can you legally gift a house to someone?
It is possible to transfer the ownership of a property to a family member as a gift, meaning no money exchanges hands. This differs to a Transfer of Equity, where the owner remains on the title and simply adds someone else to it.
Can gifted property be sold?
Can Gift Deed property be sold? Yes, the property received under Gift Deed can be sold. Provided, that you have received the property under registered Gift Deed without any condition attached. However, in the case of the registered Gift Deed, donor and donee both need to acquiesce for revocation.
When is property gifted to my wife considered?
Upon the death of her parents and the transfer of title, the property would still be considered “non-marital,” as it was deeded solely to your wife. However, should you remain married after your wife obtains her title to the property, any increase in the value of the property during your marriage would be considered marital.
What happens to the tax basis of a property when it is gifted?
When property is gifted it does not receive a step up in basis, as it is when it is inherited. When you give away your property, the tax basis (or the original cost) of the property for the giver becomes the tax basis for the recipient.
What happens if you gift Your House to your child?
In addition, gifting a house to your children can have consequences if you apply for Medicaid within five years of the gift.
When is property considered to be a gift?
Second, if a spouse contributes non-marital property to a joint account, or conveys property into a joint title, the property is presumed to be a gift to the marriage. The legal term for this process is “transmutation.” Where transmutation occurs, the asset is presumed to be marital property.
