Maharishi Markandeshwar Submitted to : Ms.

Lochan Gupta
deemed to be university • Submitted by : Pamila Lamba
Mullana
• 2517040
Department of Law
• B.A LLB (a)
Assignment Of Drafting and
•
Conveyancing
Gift deed
Gift is voluntary transfer of personal
property without consideration; a parting by
owner with property without pecuniary
consideration; a voluntary conveyance of
land; on transfer of goods, from one person
to another, made gratuitously and not upon
any consideration of blood or money. The
essential requisites of 'gift' are capacity of
doner, intention of donor to make gift,
completed to or for Donee and acceptance of
gift by the Donee.
Section 122 of transfer property act, 1882
defines 'GIFT'
• 'Gift' is the transfer of certain existing movable or
immovable property made voluntarily and without
consideration, by one person, called the donor, to
another, called the Donee, and accepted by or on
behalf of the Donee.
Who can be a Donor/Donee?
• A donor is a person who makes the transfer of immovable
property. Any person who is of sound mind and is
competent to enter into an agreement can be a donor. A
minor cannot be a donor as he/she is not capable of
entering into a contract.
• A Donee is a person who accepts the gift/transfer made to
him. A minor can be a Donee however, the gift would have
to be accepted by Donee’s donor is a person who makes
the transfer of immovable property. Any person who is of
sound mind and is competent to enter into an agreement
can be a donor. A minor cannot be a donor as he/she is not
capable of entering into a contract.
What type of properties can be gifted?

• A movable or immovable property

• An existing property
• A transferable property
• A tangible property
•
Gifting process
• 1. Drafting the Gift Deed – A gift deed is drafted with the help of a
lawyer and it describes what is being transferred and to whom. Gift
Deed is a contract between donor and the donee which defines
simultaneous and reciprocal act of giving and taking. A gift to be
valid must be made by a person voluntarily and not under
compulsion without any exchange of money.
• 2. Acceptance – Acceptance of the gift after its execution is a legal
requirement and Donee must accept the gift during the lifetime of
donor. In case donee fails to accept the gift, it is rendered invalid.
The acceptance may be validated by acts such as taking possession
of the property.
. Registration
• As per Section 123 of the Transfer of Property Act, a gift of
immovable property cannot pass any title to the donee unless it is
registered. Attestation by two witnesses is required during
registration and post registration, title transfer is possible.
How to register a Gif Deed?
• Registration of gift deed is done as per the provisions of the
Registration Act, 1908. Common steps involved in registration
process are:

1. Valuation of property being gifted by an approved valuation

expert.
• 2. Payment of Stamp duty and transfer duty – Stamp duty varies for
women and men (Slightly lower for women). Stamp duty also varies
from state to state and for latest rates one should visit official state
government website.
 COMMERCIAL AGGREMENTS
• A commercial agreement is a legally binding contract between parties where
both are required to do particular activities or refrain from doing something.
They can be found in a variety of business types, including industrial, corporate,
and retail.
• Commercial agreements can be verbal, in writing, or even implied in a formal or
informal matter. They can cover all aspects of business, including wages, leases,
loans, hiring, and employee safety. To breach a commercial agreement, one of
the contracting parties fails to live up to their part of the agreement.
• Commercial agreements utilize plain language, but they also include warranties
and boilerplate language that has typically been reviewed by a lawyer
beforehand. They are often standard forms that can be used on an ongoing
basis with other providers or suppliers.
 Parts of a Commercial Agreement
• The initial part of the contract typically requires the most work, as it will identify
the parties, define any obscure terms, and discuss the details of the contract,
including specifics like the product or service being sold, dates and times,
delivery options, and the agreed-upon price.
• The next part of the contract should address specifics of non-performance. This
is where you might find the use of boilerplate legal wording in each contract that
covers specifics like the following:
• Warranties
• Indemnification
• Termination
• Liquidated damages
Examples of commercial contracts and
agreements include the following:

• Licensing and franchise agreements

• Loan and finance agreements
• Supply of goods and services
• Shareholders and joint venture agreements
• Contracts for employment
 Requirements in a Valid and Enforceable
Contract
• There are some basic details that must be present for any contract to be legal and
enforceable:
• Agreement: There must be an agreement that includes an offer and acceptance, and
the parties must be on the same page when it comes to the elements of the agreement.
• Consideration: Each party has to give something in the exchange. This is known
as consideration and is what makes something a contract rather than a gift.
• Legal Capacity: All parties must have the legal capacity to enter into a contract. There
are certain circumstances, such as when one party is under the age of majority or was
intoxicated at the time, that can render the contract void.
• Willingness: A party must be willing to enter the contract. If you sign it against your will
or were misled, etc., you may be able to void the agreement.
• Legal: The contract's subject matter has to be legal under state and federal law. You
cannot enforce a contract if it's for the performance of an illegal act.