In both gift deed and Will, property transfer happens without any monetary consideration as the property owner chooses to transfer the property in favour of somebody else voluntarily. The key difference, however, is that a gift deed comes into effect immediately, while the Will comes into effect only after the testator's lifetime.
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Gift Deed Registration - Everything you need to know
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Gift Deed - Registration, Format and all you need to know
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Format of Will and How to Write a Will
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