What is Gift Deed? you should know about

In legal terms, a gift is considered as the transfer of certain existing movable or immovable property by one person to another. It is defined under Section 122 of the Transfer of Property Act, 1882 as “the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person called the donor, to another, called the donee, and accepted by or on behalf of the donee.” The transfer of such property shall be accepted by the donee during the lifetime of the donor and while he is still capable of giving. If the donee dies before the acceptance of the gift by the donor, the gift is considered as void. The transfer of such movable or immovable property in the form of a gift is carried out with the help of a legal document or an instrument called the ‘gift deed’. The gift deed contains the name of the donor and the donee, details of the property to be gifted, the clause of transfer of property, acceptance of the gift by the donee, rights of the donee and other such relevant information.