About Gift Deed
Gift Deed is a legal agreement which a Donor uses when he wishes to gift his property, money or assets to any person or institution. In India, Transfer of property as a gift is governed by the Transfer of Property Act, 1882. By using a Gift Deed, a Donor can gift his movable and immovable property to the Donee (Recipient). Although, Donee has to accept the gift within the lifetime of Donor else it will become invalid. Having a registered Gift Deed avoid any chanced of property disputes that may arise in future. As per the law, Donor should be 18+ but on the other side, Donee can be minor with Guardian as Nominee, who will be taking care of property till the Donee becomes adult.
Fill the Form Below & Get Your Gift Deed Instantly!
This deed of gift is made on ________ DAY OF ________, 2023
BY AND BETWEEN
______________ S/O , residing at _____________________________________________________, here-in-after referred to as the DONOR AND. (PAN:)
______________ S/O , residing at _____________________________________________________, here-in-after referred to as the DONEE. (Donee is _________ of the Donor). (PAN:)
WHEREAS, the Donor has out of love and affection to the donee (________ of the Donor) gifted a sum of ___________________ out of her own funds by ___________ to ________,
The Donor hereby admits that they have delivered the said sum of __________ to the Donee to make the Donee a full and absolute legal owner of __________ to have and hold the same and for the use by the Donee according to the sweet will of the Donee and that the Donor has henceforth no right, title or interest of any nature whatsoever in the said amount gifted to the Donee and/or in any income benefit or advantage resulting there from.
I hereby accepted gift* of ___________.
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The components of Gift Deed are:
- Date and Place of where the Deed is documented.
- Details of the who is Gifting (name, address, Date of birth,etc)
- Details of the person who is receiving the Gift Deed (name, address, Date of birth,etc)
- Clarification or detailing of the asset that is being gifted.
- Relationship of both parties.
- Signature of the parties
- 2 witnesses should be there and their signatures are important.
The process to acquire Gift Deed from eDrafter is simple:
- Fill the above form with the required details.
- Place the Order & Make the Payment.
- The draft of Gift Deed shall be emailed to you for your review as soon as the Order got placed.
- You can ask for the changes as per your requirement. After approving the draft, we will execute the Deed on relevant stamp paper and will share scan copy as well as will deliver the hard copy.
Gift Deed made on a Stamp paper.
Whereas a Will is made on a Plain paper.
When you make a Gift Deed then you are suppose to pay Stamp duty along with 1% registration fee together to the government.
In Will you are only required to pay registration fee.
As long as the total value of all gifts received throughout a year does not exceed Rs 50,000, a person is totally excused from paying income tax on those presents.