Which Deed Do I Need?

Use a Gift Deed if you want the transfer to happen now, during your lifetime - it costs 4-7% stamp duty but takes effect immediately and is generally irrevocable. Use a Will if you want the transfer to happen only after your death - it costs Rs.0 stamp duty in Delhi and can be changed anytime while you are alive.

Generally no. A registered, accepted Gift Deed is irrevocable under Section 126 of the Transfer of Property Act, 1882, except in narrow circumstances (fraud, coercion, or a specific revocation clause included at the time of drafting). A Will, by contrast, can be changed or revoked anytime while you are alive - this is the single biggest practical difference people miss.

The Gift Deed takes priority for that property - once a Gift Deed is registered and accepted, ownership has already transferred, so a Will made afterwards cannot bequeath a property you no longer own. If a Will was made earlier and a Gift Deed is executed later for the same property, the Gift Deed effectively overrides that part of the Will.

Use a Relinquishment Deed only when releasing your share to an existing co-owner of the same property - for example, one sibling releasing their inherited share to another sibling who already co-owns the property. It costs just Rs.100 stamp duty. A Gift Deed is for transferring your own separately-owned property to someone else, and costs 4-7%.

No - in Delhi, Gift Deed and Sale Deed have the same stamp duty rates (4-7% based on gender and value). There is no special concessional stamp duty for gifting to blood relatives in Delhi. The real advantage of a Gift Deed to a specified relative is that it is 100% exempt from income tax, unlike a sale where capital gains tax may apply.