Gift Deed

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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.

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Gift Deed (8 august 23)

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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:

  • 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

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. 
For Registration of Gift Deed the presence of both the parties i.e. Donor & Donee along with 2 Witnesses is mandatory; Parties needs to be present along with the Draft duly executed on relevant Stamp paper and also their ID proofs; Registration of Gift Deed is not mandatory however it depend upon the purpose.
For Registration of Gift Deed the presence of both the parties i.e. Donor & Donee along with 2 Witnesses is mandatory; Parties needs to be present along with the Draft duly executed on relevant Stamp paper and also their ID proofs; Registration of Gift Deed is not mandatory however it depend upon the purpose.
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.
As per the Government, Notarization is not mandatory but we recommend you to get it Notarized as it will hold more Legal power.
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.