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The deed of gift confirms a legal relationship between the donor and repository that is based on a clearly articulated and common understanding. This relationship ensures that the donated materials, which help illuminate our past and its influence on us, are preserved and made available to future generations.

A donated property cannot be legally taken back if the giver, of his free will, gave the recipient his possessions, and the recipient accepted the gift. Under normal circumstances, this transaction cannot be cancelled once the property has been transferred to the new owner.

Gift Deed ? A gift deed is a special type of grant deed that ?gifts? ownership of real property interest to another person or entity. This deed is different from a standard grant deed because it specifically designates that the transfer was not subject to a sale, and the grantor received no monetary compensation.

The Donee can also mortgage the property. Acceptance by the Donee- The Gift Deed must mention the acceptance of the gifted property by the Donee. Witnesses- As the execution of a Gift Deed requires the presence of two witnesses, the Gift Deed must mention the name and address of the witnesses.

Irrevocable: Once a gift deed has been executed, it is irrevocable, which means that the donor cannot change their mind and take back the gift. This can be a disadvantage if the donor later decides that they want to keep the property or assets for themselves.

A gift deed frames the ownership of the house as a gift the parent gives the child. Both parties must sign the deed, and there is no exchange of money or compensation. In this case, the child will be held liable for gift taxes and may be subject to capital gains if the property has increased in value.

The donee must accept the gift during the lifetime of the donor. As per Section 122 of the Transfer of Property Act (1882), a gift deed is void if a donee dies before accepting it.