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What is a Gift Deed?

A Gift Deed is an authoritative report that portrays deliberate transfer of property from donor (owner of property) to donee (beneficiary) without any consideration. Under Section 122 of the Transfer of Property Act, 1882, you can gift a movable property through a gift deed. A gift given by way of a gift deed must be accepted by the donee during the lifetime of the donor and while the donor is capable of giving.

Advantages of a Gift Deed

  • Immediate and faster transfer, unlike a Will.
  • Provides proper representation to gifted property.
  • Prevents any dispute that may arise regarding ownership of gifted property.

Essential Requirements of a Valid Gift Deed

  • There must be two parties involved, a donor and a done.
  • Relationship between the donor and the donee.
  • Transfer of ownership.
  • The transfer must be voluntarily done.
  • Transfer must be done without consideration.
  • There must be acceptance by or on behalf of the donee.

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