What is a gift deed?
A Gift Deed is the document through which a person voluntarily gifts a movable/immovable property to a person. A Gift Deed minimizes the chances of disputes in property inheritance cases. The registration of a Gift Deed involves charges set by the state government. The article to be gifted can be a movable or immovable property. A gift deed is a valuable document in succession matters as it differs from a valid ‘Will’ made by the property owner.
Unlike a Will, the Gift Deed is immediately executable, and one does not require a court to get it enforced. Hence, a Gift Deed saves time compared to a settlement through a will. Under a Gift Deed, the person gifting the property is called a Donor, and the receiver is called ‘Donee.’