Sample Gift Deed for gifting cash to son/daughter

    What is Sample Gift Deed for gifting cash to son/daughter?

    A cash gift deed is an agreement through which the donor (person paying the money) can gift money to the donee (receiver of the money) without any other exchange or consideration. It shows a voluntary transfer of cash from one person to the other as a gift. This deed specifies the amount of money that is to be transferred and conditions of such gift if any.

    Why is Sample Gift Deed for gifting cash to son/daughter required?

    A gift deed for gifting cash is an important document, especially while gifting a large amount of money since it records the act of giving a gift. It creates a valid documentary record. Both for the doner and donee, a gift deed ensures proof of such transfer and thus avoids confusions and misuse that may arise in the future. 

    What should a Sample Gift Deed for gifting cash to son/daughter cover?

    The following points should be covered in a gift deed for cash to family members:

    1. Details of the donor and donee (name, date of birth, residence, relationship to each other, father’s name, etc.)

    2. The amount of money being gifted,

    3. Reason for gifting, if any 

    4. Clause stating that the deed has been made voluntarily, without force or coercion,

    5. Clause stating that the donor is solvent and not bankrupt,

    6. Clause stating that the gift is being made without any consideration.

    7. Date and place of the deed,

    8. Conditions or requests, if any,

    9. Signatures of the donor and the donee and

    10. Signatures and details of 2 witnesses.

    Documents Required for Sample Gift Deed for gifting cash to son/daughter

    No specific documents are required in order to draft and execute a gift deed. However, ID proofs of the parties in order to confirm the names and permanent addresses of the donor and donee should be scrutinised. Documents evidencing clear title of the bank accounts of the donor in question could also be examined. 

    Procedure for Sample Gift Deed for gifting cash to son/daughter

    A gift deed for cash shall be drafted with the help of a lawyer. Gifting is a voluntary action and the gift deed should mention that the donor is gifting the money in question without any coercion or force and by his/her own choice. Acceptance of the donee to receive such gift should also be mentioned in the deed - by way of donee’s signature. A gift deed for cash should be registered if mandatory under Registration Act. Stamp duty shall also be paid as per the value of the gift and the laws in the particular State. 

    How can a lawyer help to draft Sample Gift Deed for gifting cash to son/daughter?

    A gift deed is a legal document and thus hiring a documentation lawyer for the purpose of drafting and execution of it is an important step. A documentation lawyer, owing to his years of experience in handling gift deeds, can guide you through the procedure of drafting, registration and stamping of the same. He/she can ensure that all legal formalities are fulfilled while transferring your money by way of gift deed and that no legal harm is done to the donor or donee during such a transaction.

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