Gift Deed For Money

Gift deed of money describes the voluntary transfer of movable property i.e. money from the donor (owner) to donee (receiver of gift) without any consideration. This deed specifies the amount of money to be gifted and conditions if any applicable on gift. So, it helps in determining whether the gift will be taxed or not. Also, if the condition is not fulfilled, your gift can be revoked.

A gift of movable property i.e. a certain sum of money may or may not be registered. But delivery of the property and acceptance of it are essential to consider it legally valid deed. Use this agreement if You want to gift a certain sum of money to anyone. Someone is gifting you a certain sum of money.

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Frequently Asked Questions

Gift deed of money describes the voluntary transfer of movable property i.e. money from the donor (owner) to donee (receiver of gift) without any consideration. This deed specifies the amount of money to be gifted and conditions if any applicable on gift. So, it helps in determining whether the gift will be taxed or not. Also, if the condition is not fulfilled, your gift can be revoked.
Who needs this agreement and why?
A gift of movable property i.e. a certain sum of money may or may not be registered. But delivery of the property and acceptance of it are essential to consider it legally valid deed. Use this agreement if You want to gift a certain sum of money to anyone. Someone is gifting you a certain sum of money.
What is the use of Annexure?
The following are all the major clauses included in this agreement:
  1. Declaration- states that the donor is transferring the ownership of the gift without any consideration, and out of natural love and affection.
  2. Expenses- mentions who would bear the cost of all the expenses, including the stamp duty.
  3. Warranty- clause specifying that both the parties are eligible to enter into this agreement.
  4. Acceptance- ensures that the donee has accepted the gifted property.
  5. Indemnification- clause stating that the donee is indemnified by the donor against any loss, harm or damage whatsoever.
These are a few terms which might be useful to read about for a better understanding of this agreement:
  1. Donor- the person or institution giving a gift is called the donor.
  2. Donee- the person or institution getting the gift is called the donee.
  3. Indemnification- indemnification is the part of an agreement that provides for one party to bear the monetary costs, either directly or by reimbursement, for losses incurred by a second party.
  4. Covenant- it is also known as an agreement or a contract.
What are the legal jargons used in this agreement?
There is no Annexure section in this agreement.
How to use this agreement?
The following are all the major clauses included in this agreement:
  1. Declaration- states that the donor is transferring the ownership of the gift without any consideration, and out of natural love and affection.
  2. Expenses- mentions who would bear the cost of all the expenses, including the stamp duty.
  3. Warranty- clause specifying that both the parties are eligible to enter into this agreement.
  4. Acceptance- ensures that the donee has accepted the gifted property.
  5. Indemnification- clause stating that the donee is indemnified by the donor against any loss, harm or damage whatsoever.

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