Chandigarh, June 21, 2024 — Bollywood actress-turned-politician Kangana Ranaut recently made headlines by gifting a brand-new residential property in Chandigarh to her cousin Varun Ranaut and his partner Anjali as a wedding present. The gesture, celebrated by the Ranaut family on social media, highlights a growing trend among India's affluent circles where real estate is given as a wedding gift.
Several family members took to Instagram to express their gratitude to the 'Tanu Weds Manu' star, sharing glimpses of the newlywed couple's new home. This isn't the first time Kangana has gifted property to her family. In 2021, she gifted four under-construction luxury flats in Chandigarh to her siblings and cousins.
Real estate as a wedding gift is not a novel concept in India, particularly among the wealthy. If you're considering following in Kangana's footsteps, here's what you need to know:
Legal Framework
Section 122 of the Transfer of Property Act of 1882 governs the transfer of immovable property via a gift deed in India. This legal provision allows for the transfer of ownership without any monetary exchange. According to Neha Gupta, Principal Associate at Athena Legal, "It is crucial to ensure that the property has a clear title and is free from all encumbrances before transferring it as a gift."
Key Considerations
Gifting real estate can be a meaningful and substantial way to celebrate a loved one's wedding. By adhering to legal requirements and ensuring due diligence, you can make a grand gesture similar to Kangana Ranaut's recent gift to her cousin. This trend of giving property as a wedding present underscores the cultural and familial significance of real estate in India.
For those looking to make such a gift, consulting with legal experts and ensuring all paperwork is in order is essential to ensure a smooth and hassle-free transfer.
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