A Deed of Gift is a property or possession that is given to one party by another as a gift.

Before a Deed of Gift can be registered the following requirements have to be met:-

• Names of parties involved
• Date of Execution
• Signatures of parties (Grantor, Grantee and Justice of the Peace)
• Stamp Duty paid within 30 days of execution date.  Documents that are not stamped within the prescribed period will attract a penalty.
• Stamp Duty is calculated at the sale amount, the first $2000 is stamped for $100 + $55 per $1000 thereafter.
• Transfer Tax – an additional 7.5% is charged on the sale amount for transfer tax.
• Penalty on late stamp is calculated at twice the stamp duty charged + transfer tax +$20.

• There are other considerations to stamp duty charges.  If the land is sold for less than market value, the stamp duty is calculated on the sale price while transfer tax is calculated on the market value.
• Example Sale price is $250,000 and Market value is $800,000.
• Stamp duty is:- ($248 x $55) + $100 ) = $13,740 
• Transfer tax is:- ($800,000 x 7.5%) = $60,000