Gift Deed

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About Gift Deed
A gift deed is a legal document through which an individual transfers ownership of an asset, which can be either movable or immovable, to a relative or any person of their choice. This document is created to facilitate the transfer of assets as a gift, and it can have potential tax benefits, as neither the recipient nor the giver is generally liable to pay any taxes when the asset is transferred as a gift. It is important to note that tax laws and regulations can vary by jurisdiction, and there may be certain exemptions or limitations in place, so it's advisable to consult with a legal or tax professional when creating a gift deed to ensure compliance with relevant laws and regulations.

Gift Deed (8 august 23)

Donor Details / Gift Sender Details
Donee Details / Gift Receiver Details
Gift/Transaction Details
Stamp Paper Details

Donor's Name / Sender's Name
Relation
Related Person's Name
Donor's Address
PAN Number
Donee's Name
Relation
Related Person's Name
Donee's Address
PAN Number
Relation with Donor
Amount Gifted
Mode of Payment
Enter the UPI ID of Donee
Enter UPI Transaction Details
Enter the CHEQUE NUMBER
Enter Cheque Transaction Details
Enter the Bank Details of Donee/Gift Receiver:
Enter Bank Transfer Transaction Details
Choose Your State for Stamp Paper
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Select Stamp Paper Amount
Additional Service
Notarial Service - Rs.50
Additional Service
Notarial Service - Rs.90
Additional Service
Notarial Service - Rs.170
Upload Your Signature
Choose File
Upload Your Government ID Proof like Aadhaar card, DL or PAN Card
Choose File
Please select the payment
Enter your Email on which you will receive the Document

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:)
AND

______________ 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.

WITNESSES:

.................

.................

EXECUTANTS:

.................

(______________)

Donor

I hereby accepted gift* of ___________.

.................

(______________)

Donee

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Knowledgebase
A Gift Deed is basically a document in which a person willingly gifts his/her part of assets or the whole assets to another person. The person can be anyone, friends, relatives, charity, or family members.
Movable and immovable assets both are included in the Gift Deed. It can be the property or anything that is really auspicious and valuable to the owner who gets the gift deed made.
The validity of a Gift Deed is limitless there is no time limit but the legitimacy is till the duration of the owner.
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

Will

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.

In the Gift Deed under registration process the signatures of Donor and Donee along with Witnesses are mandatory. After the attestation only the Deed will become valid.
It eliminates the chances of disputes between the family members. Also for the people who are alone and do not have a family member they can gift out their assets to others in a form of Gift.

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.
Once it has been signed and recorded, a deed of gift cannot be revoked.
The Cancellation grounds for the Deed of Gift are oppression or fraud, mutual agreement, rescission by agreement, forgery.
If you are getting your gift deed notarized, the presence of a notary public is a must. Though it is not required to register, it gives you more weightage.
The Stamp duty is calculated on the price of the Gift or asset that is being gifted. The asset is more that 500,000 then the stamp duty would be more and the registration fee would be 1% of the total Stamp Duty.

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About Gift Deed

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Gift Deed	Will
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.