A gift in real property – Property in Singapore for rent
A person who gives away his property (Donor) to another person (Donee) without adequate monetary consideration is considered a gift. Usually, the transfer documents would have such words as: “In consideration of love and affection, I hereby transfer to you … the property …”. Stamp fee is still payable for the transfer documents based on the market value at the time of the transfer. Property in Singapore for rent.
A gift is treated automatically as void if the Donor becomes bankrupt within 2 years from the date of the Deed of Gift. In the event the Donor dies within 5 years from the date of the Gift, estate duty will be attracted on the whole of the property as if it is still part of the Donor’s estate (applicable for deaths occurring prior to 15 Feb 2008). Estate Duty has been removed for deaths occurring on and after 15 Feb 2008. Up to 10 years from the date of the Deed of Gift, it is still voidable at the option of the Official Assignee, unless rebutted on evidence being furnished of the Donor’s solvency at the date of the gift.
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