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Gift Deed Of Cash

Gift Deed Of Cash Template for Pakistan

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Key Requirements PROMPT example:

Gift Deed Of Cash

"I need a Gift Deed of Cash to document the transfer of PKR 5 million from me to my daughter on her wedding day in March 2025, compliant with both Pakistani civil law and Islamic law principles, with specific clauses about tax implications and banking transfer details."

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Document background
The Gift Deed of Cash is a crucial document in Pakistani legal practice, used when one party wishes to transfer money to another as a gift without any consideration or obligation for repayment. This deed is particularly important in contexts such as family wealth transfers, charitable donations, or marriage gifts (common in Pakistani culture). The document must comply with both the Transfer of Property Act, 1882, and Islamic law principles of 'Hiba'. It typically includes detailed identification of parties, specific amount being gifted, declarations of voluntary transfer, and confirmation of delivery. The Gift Deed of Cash serves multiple purposes: it provides legal evidence of the transfer, helps ensure compliance with tax regulations, prevents future disputes, and can be used to demonstrate the legitimate source of funds when required by authorities.
Suggested Sections

1. Parties: Identification of the Donor and Donee with their complete names, ages, relationships (if any), addresses, and NIC numbers

2. Background: Brief context explaining the relationship between parties and the donor's intention to make the gift

3. Definitions: Definitions of key terms used in the deed including 'Gift', 'Effective Date', and any other relevant terms

4. Gift Details: Specific details of the cash gift including the exact amount in both figures and words

5. Declaration of Gift: Formal statement declaring the transfer of the specified amount as an irrevocable gift

6. Acknowledgment of Acceptance: Statement confirming the donee's acceptance of the gift

7. Possession and Delivery: Details of how and when the cash gift will be/has been delivered to the donee

8. Representations and Warranties: Donor's declarations regarding ownership of the funds, right to gift, and that the gift is free from encumbrances

9. Execution: Formal execution clause with space for signatures of parties and witnesses

Optional Sections

1. Consideration: Statement explicitly mentioning that no consideration is being paid for the gift - used when extra clarity is needed

2. Tax Declarations: Statements regarding tax implications and responsibilities - included when the gift amount exceeds tax thresholds

3. Religious Declaration: Islamic law compliance statement - included when parties specifically want to emphasize compliance with Islamic principles of Hiba

4. Revocation: Statement regarding irrevocability - included when donor wants to explicitly waive rights of revocation

5. Governing Law: Specific choice of law clause - included when parties want to specify which provincial laws apply in addition to federal laws

6. Dispute Resolution: Procedure for resolving any future disputes - included for high-value gifts or when parties prefer specific dispute resolution mechanisms

Suggested Schedules

1. Schedule A - Proof of Funds: Details of the source of funds or bank account from which the gift is being made

2. Schedule B - Mode of Transfer: Details of the payment method (bank transfer, check, cash) and any relevant banking details

3. Schedule C - Witness Details: Complete information about witnesses including their names, addresses, and NIC numbers

4. Appendix 1 - Related Documents: Copies of identity documents, tax certificates, or other relevant supporting documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Legal Services

Banking and Financial Services

Wealth Management

Family Office Services

Charitable Organizations

Religious Institutions

Estate Planning

Tax Advisory

Personal Finance

Relevant Teams

Legal

Wealth Management

Compliance

Private Banking

Financial Advisory

Islamic Banking

Tax Advisory

Estate Planning

Document Management

Client Relations

Relevant Roles

Legal Counsel

Private Wealth Manager

Tax Advisor

Estate Planning Attorney

Compliance Officer

Financial Advisor

Islamic Finance Consultant

Family Office Manager

Trust Officer

Probate Lawyer

Personal Banking Manager

Zakat Consultant

Industries
Transfer of Property Act, 1882: Governs the transfer of property including gifts (Section 122-129 specifically deals with gifts). Defines requirements for valid transfer and delivery of gifts.
Registration Act, 1908: Although registration is not mandatory for cash gifts, this Act provides the framework for voluntary registration of documents to maintain official records of the transaction.
Income Tax Ordinance, 2001: Relevant for tax implications of cash gifts, including potential tax exemptions for gifts between certain family members and reporting requirements.
Islamic Law (Muslim Personal Law): Governs the concept of 'Hiba' (gift) under Islamic law, including requirements for valid gifts such as offer, acceptance, and possession.
Stamp Act, 1899: Determines the stamp duty payable on gift deeds if the document is to be registered or used for official purposes.
Contract Act, 1872: Relevant for basic contractual principles that apply to gift deeds, including capacity of parties and free consent.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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