About Gift Deed
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:
- Visit our website and fill out the basic details.
- After that you will receive a 20 mins zoom call from our drafting expert. There you will be required to tell the details of your Gift deed.
- Then our expert will draft your gift deed according to your requirements.
- The draft will be shared on your respective email within 1 day. Any corrections that you are willing to make can be done immediately (only 2 times).
- After all the corrections done your final draft will be shared to you via email within 1 day.
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.