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Gift deed (money via online transfer) procedure

25 January 2023

Hi,

I am planning to gift my brother money (to help with purchase of a flat), and would like to do this via an online transfer from my bank account to his account.

In this regard could anyone please share what the wording of the gift deed should be like for getting this gift deed notarized in case is required for tax filing purposes later? (the samples I found so far all mention cheque)

Thanks in advance!

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2 Replies

Neha (ENTREPRENEUR) (200 Points)
Replied 25 January 2023

A gift deed is a legal document that is used to transfer ownership of property, or in this case money, from one person (the donor) to another person (the donee) as a gift. The wording of a gift deed generally include the following information:

The date of the gift
The names and addresses of the donor and donee
The amount of money being gifted
A statement that the gift is being made voluntarily and without any consideration or expectation of any future benefit
A statement that the donor has the legal capacity and authority to make the gift
A statement that the donee accepts the gift
The signatures of the donor and donee, and any required witnesses

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Dev Chunky (15 Points)
Replied 25 January 2023

Thanks! Does that mean it is not necessary to add how the money is being transferred to the donee i.e. via an online transfer etc.. (instead of via a cheque and the cheque number etc..)?

Also can the witnesses for this deed be my parents and/or another sibling? Or does it need to be someone who is not a relative?