A gift is given by one person to another, known as the giver and donee. There should be no monetary value attached to a gift. That is, the giver should not be compensated in any way for making a gift, and it should be provided and created with both parties’ free consent. The donee should accept the gift in the lifetime of the donor.
To be legitimate and lawful, both parties to the gift deed must sign and execute the agreement in front of two witnesses. The execution must be done with the permission of a free and informed person.