Gift Deed Format in Word: Hey friends, you can download the Sample Gift Deed Format for Gifting Cash to Son/Daughter.
What is Gift Deed
When the owner of immovable or movable property transfers his/her property to another person out of love and affection without consideration then only if it is considered as a gift.
A Gift Deed is valid only if it is given out of love and affection, without any consideration in return by one family member/ friend to another.
Any valid owner of an existing property can gift the property to another person.
Can the Gift Deed be challenged in court?
A gift deed can be challenged in court if the deed is forcefully prepared by the property owner or without the property owner’s consent. If there are any additional conditions in the gift deed and those conditions are not fulfilled then the case gift deed can be canceled.
Is there any tax on gift deed?
It’s very normal to get gifts from relatives, friends and other family members on various occasions. Generally, If any person is receiving gifts up to Rs. 50,000, then that will be exempt from tax. so, it’s necessary to learn how tax should be levied on receiving the Gift under the Income Tax. Therefore, Taxation of Gifts as per Section 56(2)(X) of the IT Act, 1961 is applicable to gifting property or cash.
Let’s Check Sample Gift Deed Format for Gifting Cash to Son/Daughter
Here is the Gift Deed Format that you can use for gifting the cash to your son and Daughter. This Sample Gift Deed can also be used for gifting any movable and immovable assets.
This deed of gift is made on this ________________________ (Date) between __________________ S/o _________________________ aged ______ years Resident/Office Address: _____________________________________________________________. And _______________________ S/o _____________________ aged ____ years Resident/OfficeAddress:___________________________________________________________________.
Whereas I, ________________________, the absolute owner of myself acquired movable & immovable properties which I have possessed. I have great love & affection for my son ________________________________. Therefore, in consideration of natural love & affection, I Shri ___________________________with free will, without any fraud, coercion, or undue influence, grant, transfer, and confirm unto the said donee Rs._____________/- (Rs. _____ Lakh only) by Cash/Cheque No. _______ dated ____________ of _________________(Bank Name).
I am Income Tax Payer and my PAN is ___________ (PAN NO)
The donee enjoys the amount which I have gifted and received by him without any hindrance and claim of anybody else on my behalf.
In witnesses whereof the said donor has hereunto set and subscribed the signature and delivered in the presence of witnesses as present on this ____________ (date).
WITNESSES:- Signature of Donor
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ACCEPTANCE OF DONEE
I, ________________________ S/o _________________________________aged ____ years Resident/Office Address: _________________________________________________________. I hereby accept the gift of Rs.__________ /- (Rs. _________ Lakh only) by Cash/Cheque No._____ dated 2_____________ of _______ ( Bank Name) given by the above donor which I have received on this __________ (date) and signed in the presence of :-
WITNESSES:- Signature of Donee
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