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Transferring property or money by way of gift must be executed as a Deed because no consideration is given in return for the gift, thus the document has to be witnessed. Please note that the witnesses have to be disinterested parties. In other words they cannot have a stake in the transfer of the property.

A gift deed is an agreement used when a person wishes to gift his asset (property or money) to someone. It is the transfer of certain existing (not future) moveable or immoveable property made voluntarily and without any consideration from one person (called 'donor') to another (called 'donee').

A gift letter is a formal document proving that money you have received is a gift, not a loan, and that the donor has no expectations for you to pay the money back.

Gift taxation in India Kind of gift coveredMonetary thresholdAny sum of money without considerationSum > 50,000Any immovable property such as land, building, etc. without considerationStamp duty value* > Rs 50,000Any immovable property for inadequate considerationStamp duty value* exceeds consideration by > Rs 50,0002 more rows ? 28-Feb-2023

What is a Gift Affidavit? A Gift Affidavit is a sworn statement that can be used to document the gifting of property. If you've received or given a gift, you might have to prove it wasn't a loan or financial transaction with a Gift Affidavit.

To prove a gift, you can use documents or communications to prove the person gave the item to you (such as emails or text messages). Additionally, you can use your verbal testimony as well as the testimony of witnesses to prove that the item was given to you gratuitously.