Will & Gift Deed are the two instruments by way of which the owner/owners of the property/ies ( movable or immovable ) parts with his/ their property/ies or transfers it in favour of the person/s of their wish.
However, the basic difference between the two are as under :
1. Will : In case of a will, the transfer of the property takes place after the death of the executor. However, probate of will needs to be obtained from the competent court of law for execution of the will. Will is advisable to be regsitered though it is not mandatory in the eyes of law.
If few changes to the Will needs to be made without changing the entire Will, the same can be done by making a Codicil to the Will by the executor.
All Wills can be revoked by the executor/ Testator
2. Gift Deed : Gift Deed on the other hand transfers the property of the executor in favour of the person in whose favour it is gifted immediately. Gift Deed needs to be compulsorily registered and the stamp duty charges varies depending on the relationship between the executor & in whose favour it is gifted.
It is note worthy that both Will & Gift Deed can be revoked / cancelled by the executor during his/her life time.
What properties cannot be gifted :
1. Self acquired property can be gifted by the owner in favour of anyone of his/her choice.
2. The owner can transfer his share of the ancestral property by way of Gift Deed.
3.It is to be noted that not only sons but daughter/s also have share in the ancestral property.
4.Share of daughter/s & wife varies depending upon the personal laws to which they belong.
When no will is made , after the death of a person, his property devolved according to the respective laws of Succession.
Succession cases needs to be filed in the competent court of law which after following due process issued certificate of Succession.
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