Nuances of a Gift Deed and a Will

A gift is defined under the Transfer of Property Act, 1882 as "the transfer of certain existing moveable or immoveable 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 done." Similarly, a Will, as defined under the Indian Succession Act, 1925, is the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death. It is a unilateral document and takes eff…