When it comes to transferring property to your loved ones, you have two main options: Gift Deed and Will. Both serve different purposes and have different legal implications.
What is a Gift Deed?
A Gift Deed is a document through which a person gifts their property to another person during their lifetime. Once registered, the transfer is immediate and irrevocable.
What is a Will?
A Will is a legal document that specifies how your property should be distributed after your death. It takes effect only after the testator's death.
Key Differences
- Timing: Gift Deed takes effect immediately, Will takes effect after death
- Irrevocability: Gift Deed is irrevocable, Will can be changed anytime
- Tax: Gift Deed may attract stamp duty, Will does not
- Registration: Gift Deed must be registered, Will does not require registration (but recommended)
- Probate: Will requires probate, Gift Deed does not
When to Use Gift Deed?
- When you want to transfer property immediately
- When you want to avoid probate
- When you want to help someone with property matters during your lifetime
When to Use Will?
- When you want to retain control over your property
- When you want flexibility to change your mind
- When you want to distribute property among multiple heirs
How SaleDeed.com Helps
We draft both Gift Deeds and Wills with precision. Our legal experts ensure your document is legally sound and covers all bases. Book our service for just ₹1,111.
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