Gift Deed Vs. Deed: An Overview

Date: 28-July,2022Last Updated: 26-September,2022
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Many of us might have heard about Gift Deed. But how many of us actually know the intricacies of the document? So,

Today let's explore all about Gift Deed,

What is a Gift Deed?

A Gift Deed, as the name suggests, is a legal document that records the transfer of property as an act of donating or gifting from the donor to the donee.

The said gift can be both movable or immovable property. This document helps the donor to gift his/her property to anyone without getting involved in inheritance claims. One of the major features of a Gift Deed is that the transfer of property is executed instantly compared to the other forms of legal transfers.

Though it states both movable and immovable properties, certain elements such as crops (if its an agriculture-based), trees ( wood or timber) do not figure into the deed.

These should be mentioned separately if these are also part of the same.

A Gift deed has registration charges, including stamp duty.

Features of Gift Deed

A Gift Deed is only valid as long as there is no exchange of money or coercion involved. The deed should be drafted in Free will.

The information of both the donor and the donee and their relationship should be stated. The rights of donee in the property must also be clearly mentioned, like selling, renting out, or leasing should be stated.

Income Tax and Gift Deeds

One of the important factors to oversee the Gift Deeds is that they should be declared in the income tax returns. It was briefly taken out during the 1958 Gift Tax Act but was reintroduced back in 2004.

Income Tax has to be paid if the stamp duty exceeds Rs 50,000 and is received without much consideration. However, tax can be exempted in certain scenarios, such as if the gift deed is received as a part of the will if it is donated by relatives, especially within a HUF or even part of a marriage. Tax can also be exempted if it is received from a local authority, foundation, fund, university, or institution (under section 10(23C) and section 12AA).

What is a Will?

A Will is a legal instrument or document that allows a transfer of property of a person after his/her death.

Features of a Will

It is not strictly mandatory to register a will; however, it is highly advised to do so to ease up the litigation process. The person who succeeds also does not have to pay estate duty. It is also exempt from the income tax laws under certain considerations.

Will is the traditional document that helps in the succession of properties after a person deceases. However, it is not necessary for the deceased properties to be transferred with the need of a will. In the absence of the will, it will be transferred to the legal heirs.

The individual who makes the will assigns other individuals within the will itself to execute the decision. They are called the executors of the will.

What is the probate of a will?

Probate is essentially a copy of the will, but rather than an ordinary one, it is certified under the court's seal. It is the probate that establishes and authenticates the will.

So, folks, these are the basic differences between the Gift Deed and Will.

We hope you liked the article.

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