Define Gift. Explain the essential characteristics of a valid Gift. Draft a specimen of Gift Deed. Assume facts.

According to Section 122 of The Transfer of Property Act, 1882, "Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the done." Essential Characteristics of a Valid Gift The essential characteristics of a gift are – Voluntary: The transfer of movable or immovable property should be voluntary. The gift of property by undue influence makes the gift voidable and a suit to set it aside can be brought within three years prescribed by the Limitation Act, 1963. Without consideration: A gift is a transfer without any element of consideration. Complete absence of monetary consideration is an important prerequisite. Where there is any equivalent of benefit measured in terms of money in respect of a gift, the transaction ceases to be a gift. Donor: The person transferring the property is called the donor and everyone who is Sui juris (legally competent) can dispose by way of gift, any property or any estate or interest into which he is absolutely entitled. Donee: The person accepting the gift is the Donee. All persons whether sui juris or not are competent to receive gifts. A minor can accept the gift, other than where gift is onerous. Competence to gift: Any person who is competent to contract can make a gift of his property. A minor, being incompetent to contract is incompetent to transfer. A gift by a minor is void. Competence to contract is an important qualification required for making a gift. Subject matter of gift: All property, real and personal, corporeal and incorporeal may be the subject of gift. A future property or mere expectancy, such as an expectation of succession to property, as the possible heir or one of the possible next of kin of a living person cannot be transferred by gift. Transfer: The donor should transfer the property voluntarily and without consideration. Acceptance: The acceptance of gift should be made by the Donee. Specimen Gift Deed DEED OF GIFT OF IMMOVABLE PROPERTY THIS DEED OF GIFT is made on ________ day of ________, 20__ at ________ BETWEEN Mr. ________ s/o ________ residing at ________ hereinafter referred to as 'the DONOR' of the One Part AND Mr. ________ s/o ________ residing at ________ hereinafter referred to as 'the DONEE', of the Other Part. WHEREAS the DONOR is seized and possessed of the land and premises situated at ________ and more particularly described in the Schedule hereunder written. AND WHEREAS the DONEE is related to the Donor as ________ AND WHEREAS the Donor desires to grant the said land and premises to the DONEE as gift in consideration of natural love and affection as hereinafter mentioned. AND WHEREAS the DONEE has agreed to accept the gift as is evidenced by his executing these presents. AND WHEREAS the market value of the said property is estimated to be ₹ ________ NOW THIS DEED WITNESSETH that the DONOR without any monetary consideration and in consideration of natural love and affection, which the DONOR bears to the DONEE, doth hereby grant and transfer by way of gift the said land and premises situated at ________ and more particularly described in the Schedule hereunder written together with all the buildings, and structures thereon and all the things permanently attached thereto or standing thereon and all the liberties, privileges easements and advantages appurtenant thereto and all the estate, right, title, interest use, inheritance, possession, benefit, claims and demand whatsoever of the DONOR To Have And To Hold the same unto and to the use of the DONEE absolutely but subject to the payment of all taxes, rates, assessments, dues and duties now and hereafter chargeable thereon to the Government or Municipality or other Local Authority. AND he the DONOR doth hereby covenants with the DONEE: That the DONOR now has in himself, good right, full power and absolute authority to grant the said piece of land and other the premises hereby granted as gift in the manner aforesaid. The DONEE may at all times hereafter peaceably and quietly enter upon have occupy, possess and enjoy the said piece of land and premises and receive the rents, issues and profits and rents thereof and every part thereof to and for his own use and benefit without any suit, lawful eviction, interruption, claim or demand whatsoever from or by the DONOR or his heirs, executors, administrators and assigns or any person or persons lawfully claiming or to claim by, from, under or in trust for the DONOR. That the said land and premises are free and clear and freely and clearly and absolutely and forever released and discharged or otherwise by the DONOR and well and sufficiently saved, kept harmless and indemnified of and from and against all former and other estate, titles, charges and encumbrances whatsoever, had made, executed, occasioned or suffered by the DONOR or by any other person or persons lawfully claiming or to claim by from, under or in trust for the Donor. AND FURTHER that the DONOR and all persons having or lawfully claiming any estate or interest whatsoever to the said land and premises or any part thereof from under or in trust for the DONOR or his heirs, executors. administrators and assigns or any of them shall and will from time to time and at all times hereafter at the request and cost of the DONEE do and execute or cause to be done and executed all such further and other acts, deeds, things, conveyances and assurances in law whatsoever for better and more perfectly assuring the said land and premises and every part thereof unto and to the use of the DONEE in the manner aforesaid as by the DONEE, his heirs, executors, administrators and assigns or counsel in law shall be reasonably required. IN WITNESS WHEREOF the Donor as well as the Donee (by way of acceptance of the said gift) have put their respective hands the day and year first hereinabove written. THE SCHEDULE ABOVE REFERRED TO Signed and Delivered by the within named Donor ________ Signed by within named DONEE ________ Witnesses 1. ________ 2. ________ Alternate Specimen of Gift Deed Specimen Gift Deed THIS DEED OF GIFT is made on this ________ day of ________ (month), 2024 BETWEEN (Name) aged about ________ (years) son of ________ (Name of the Father) resident of ________ (hereinafter called "the Donor") of the one part; AND (Name) aged about ________ (years) son of ________ (Name of the Father) resident of ________ (hereinafter called "the Donee") of the Other part: WHEREAS the Donor is the absolute owner in possession of the house situated at.........more specifically described in the Schedule hereto; AND WHEREAS the Donor has no issue and the done is the nephew of the Donor and has been living with him since childhood; AND WHEREAS the Donor out of natural love and affection for his said nephew, the Donee, is desirous of making a gift of the said house to the done. NOW THEREFORE THIS DEED WITNESSES AS FOLLOWS: That in consideration on natural love and affection of donor for the Donee, the donor hereby voluntarily transfers to the Donee free from all encumbrances whatsoever ALL the said house with ALL rights of easement, privileges appurtenant thereto TO HOLD the same unto the done absolutely for every. That the Donor or his heirs shall have no interest in the said house hereafter. That the Donee hereby accepts the said transfer made by the Donor. That the value of the said house is Rupees Five lakhs only (₹ 5,00,000/-). IN WITNESS WHEREOF the parties hereto have signed this deed at ________ in presence of the witnesses on the date and year first hereinabove written. Donor ________ Donee ________ Witness 1: ________ Witness 2: ________