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Gift deed is a document used to transfer immovable property by way of a gift to a kin or close one without incurring heavy taxes and charges for transfer by way of sale of property.
The Indian legal system has provided for various methods of transfer of a property. A property can be sold, can be transferred through a will, or it can be transferred as a gift through a gift deed.
This method is usually adopted when the transfer is being made to a friend or a family member. The property set to be transferred through a gift deed should fulfil some bare minimum criteria. This means that it must be transferred without any consideration; it should not be a future property; and finally, it should be tangible and thus, subsequently transferable.
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