AMITY UVNIVERSITY CHHATISGARH

AMITY LAW SCHOOL

FAMILY LAW II PROJECT

TOPIC ;DISTINCITION BETWEEN WILL AND GIFT

Submitted By Submitted To
Yukta Kaushik FARAH ,MINHAJ
TH
BALLB 4 SEM
 ACKNOWLEDGEMENT
After the completion of the project., I believe that I need to
express gratitude to many people as since without their
respective help cop-opreation ; the success of this entire
research project work would have been next to impossible .
It gives me a great sense of pleasure to extend my sincere
gratitude to my teacher and guide, how give me opportunity to
work on this topic.
I m also greatful to all my friends colleagues for being helpful
and their constant support .
I express deepest grateful to my parents how have been the
driving force for this work and who helped even in the most
demanding of situation.
YUKTA KAUSHIK
BALLB 4TH Semester
TABLE OF CONTENT
1;WILL
2;GIFT
3;DISTINCTION BETWEEN WILL AND GIFT.
4;CONCLUSION
 WILL

A will is a paper in the court of law for declaration of the

intention of the person making the will. The primary purpose of
this procedure is property distribution. This legal document will
come in effect only after the death of the person who is
responsible for writing the will.

The documentation will need to be very specific, as it can be

easily misinterpreted in the future for fraudulence. The property
can be left to unknown/stranger under the will. If the person dies
without making a will, the property is distributed among the kit
and kin, In India, the property is distributed as per the law of the
individual religion of the person drafting the will. The person
responsible for writing the will can transfer property, jewelry, and
money for whomever he/she want to.

There are some legal rules to be followed while making a will. The
guidelines are as follows-

1. It can be documented or physically written. There should be

a will executor appointed to administer the proceeding after
his/her death. This enables the smooth process of
implementation of will.
2. The document should include all the assets of the legator
mentioned correctly. The distribution of immovable and
movable assets needs to be indicated to the people on the
receiving end.
3. If there is any change of thought, one can make complete
fresh will or codicil (this legal loophole helps the testator to
make minor changes without changing the whole content of
will)
In most circumstances, ‘ executor can solve and answer
questions related to the deceased will. However, most of the time,
there is disagreement, and most of the family members don’t get
along, leading to problems. Legal battles always lead to an
increase in legal fees.
 GIFT
A gift draft is an impulsive action. This deed is done out of a
person’s own choice. The documentation specifies the transaction
between a person giving and receiving the gift. Validation is
necessary for executing a gift deed. The financial status of the
donor is significant in making a gift deed. The assets of the donor
need to be accessed before drafting the gift.
Registration and stamp duty are payable for the operation of the
gift. In India, tax differs accordingly for every state.
DISTINCTION BETWEEN WILL AND
GIFT.
 A will is active only after the death of a person who is
responsible for the duration of the will, whereas the gift is in
action, while the person who initiated the deal is alive.
 Registration and stamp duty are not required for the will. For
a gift deed, stamp duty is of 2 percent is a charge for movable
properties, and 3-5 percent stamp duty of market value of stamp
duty is chargeable.
 The presence of executor and witness is essential when
drafting a will. Whereas, while writing a gift witness and
registrar is necessary.
 The gift deed is an impulsive action, mostly done without
any consideration. The acceptance by the person to whom the
gift is gifted is vital. In a will, the beneficiary can contest and
claim the terms in a court of law. The decision of what goes into
the will depends solely on the testator.
 A gift deed made to the relatives is exempted from the
income tax act. Will need to be registered. Hence the income tax
act is not applicable.
CONCLUSION
Though there is a significant difference in both the legal terms,
both are primarily used for transferring properties. A will may be a
cheaper option for distributing properties, while a gift deed is an
expensive one. One can always amend and revoke will during
one’s lifetime. If the donor foresees any disputes among relatives
or the recipients, he/she might choose the gift option over will.
Either way, both are important to have a structured form of
division of assets.