Gift Deed vs Will: The Best Way to Transfer Property to Family (2026)

Planning your legacy? Two common ways to pass property to your children or loved ones are Gift Deed and Will. But which one is better?

The answer depends on when you want the transfer to happen: Now (Gift) or After Death (Will).

1. Transfer via Gift Deed

• Timing: Immediate transfer of ownership. You lose control over the property instantly.
• Cost: Stamp Duty applies (though lower for blood relatives in some states like Maharashtra, UP). Registration is mandatory.
• Revocability: Cannot be revoked unless a specific clause (e.g., maintenance of senior citizen parents) is added and breached.

2. Transfer via Will (Testamentary)

• Timing: Takes effect only after death. You retain ownership and control till the end.
• Cost: No Stamp Duty. Registration is optional (but recommended to avoid disputes).
• Revocability: Fully revocable. You can change your Will any number of times. The last valid Will prevails.
• Probate: In cities like Mumbai, Chennai, and Kolkata, a Will significantly needs 'Probate' from court, which costs time and money.

3. Risks Involved

• Gift Deed Risk: Children may evict parents after getting the property. (Solution: Use Maintenance & Welfare of Parents and Senior Citizens Act clauses).
• Will Risk: Can be challenged in court by unhappy relatives alleging fraud, coercion, or unsound mind.

Frequently Asked Questions (FAQ)