Will vs. Gift Deed: Which is Better for Property Transfer? Know the Rules

• Senior citizens often confused between Will and Gift Deed for property transfer; both have distinct rules.
• Will requires no stamp duty, registration not mandatory (though safe), and becomes effective only after the maker's death.
• A Gift Deed is a legal document for gratuitous property transfer, requiring mandatory registration, donor/donee signatures, and two witnesses.
• Only existing property can be gifted, partially or wholly; stamp duty applies as per Maharashtra Stamp Act, with some concessions.
• Gift Deeds are generally irrevocable but can be canceled under exceptional circumstances like fraud, threat, or unfulfilled conditions.