A gift deed legally transfers ownership of a property or asset from the donor to the recipient as a “gift”. This can be a valuable way to distribute properties among family members or loved ones and provides tax benefits as its completely a Tax-free process.

A gift deed is a suitable method for legally transferring ownership of various types of assets. It can be used to transfer ownership of both movable and immovable properties. Movable properties include assets like jewellery, vehicles, gold coins etc while immovable properties comprise real estate, land, and buildings.

Yes, it is possible to cancel or revoke a Gift Deed in the future, the process typically requires the consent of both the donor and the recipient. The specific steps and conditions for cancellation may vary depending on local laws and the terms mentioned in the original Gift Deed. It is advisable to consult with legal professionals to understand the requirements and implications of revoking a Gift Deed.

It is not legally possible to create a gift deed for a future property. A gift deed is a legal document that transfers ownership of an existing property or asset from the donor to the recipient. It requires the property to be in the possession of the donor at the time of gifting.

A gift deed can be cancelled or revoked under specific circumstances, typically involving mutual consent of both the donor and the recipient and also If the gift deed was executed under fraud, misrepresentation, or undue influence, it may be subject to cancellation.