A Gift Deed is a legal document used to transfer ownership of property or assets from one party (the donor) to another (the donee) as a gift. Unlike a Sale Deed where consideration is involved, a Gift Deed involves the transfer of property without any monetary exchange. It's commonly used in situations where the donor wishes to transfer ownership of their property to someone else as a gift, such as transferring property to family members or loved ones.

Here are the key components typically included in a Gift Deed:

1. Parties Involved: The Gift Deed identifies the donor (the person giving the gift) and the donee (the recipient of the gift) by their names, addresses, and other identifying details.
2. Description of Gifted Property: Detailed description of the property or asset being gifted, including its address, boundaries, dimensions, and any relevant identification numbers.
3. Transfer of Ownership: The Gift Deed contains provisions stating that the donor intends to transfer ownership of the property to the donee as a gift, without any consideration.
4. Consideration: Since a gift involves no monetary consideration, the Gift Deed typically states that the transfer is being made out of love and affection or other similar sentiments.
5. Rights and Liabilities: The Gift Deed outlines the rights, title, and interest being transferred from the donor to the donee. It also specifies any encumbrances or liabilities attached to the property.
6. Warranties and Covenants: The donor may provide warranties and covenants regarding the property's title, possession, and legality, similar to those found in a Sale Deed.
7. Signatures and Witnesses: The Gift Deed must be signed by both the donor and the donee, as well as by witnesses who attest to the execution of the deed.
8. Stamp Duty and Registration: Gift Deeds are subject to stamp duty, which varies depending on the state or jurisdiction where the property is located. The deed must be stamped with the appropriate stamp duty before it can be registered. After stamping, the Gift Deed must be registered with the local Sub-Registrar Office or Registrar of Assurances. Registration provides legal validity to the deed and ensures its enforceability against third parties.

Gift Deeds are irrevocable once executed and registered, meaning that the donor cannot revoke the gift unless there are exceptional circumstances or legal grounds for doing so. It's essential for both parties to carefully review and understand the terms and conditions of the Gift Deed before signing to avoid any future disputes or legal issues. Additionally, tax implications may apply to gift transactions, so it's advisable to consult with a legal or financial advisor for guidance on any potential tax consequences.