The Deed of Gift Money is an essential legal instrument in Pakistani jurisdiction, commonly used when one party wishes to make a formal monetary gift to another. This document is particularly important in the Pakistani legal context as it must comply with both civil law requirements and Islamic principles of Hiba (gift). The deed serves multiple purposes: it provides clear evidence of the gift transaction, ensures compliance with legal requirements, facilitates tax reporting, and protects both parties' interests. Typically used in family wealth transfers, charitable donations, or other gratuitous monetary transfers, the Deed of Gift Money must include specific details about the parties, the amount being gifted, and clear statements about the immediate and irrevocable nature of the transfer. The document becomes especially crucial when dealing with substantial amounts that might require reporting under Pakistan's tax and anti-money laundering regulations.
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Key Requirements PROMPT example:
Deed Of Gift Money
"I need a Deed of Gift Money for transferring PKR 5 million to my son's educational trust, with the transfer to be completed by March 2025; the deed must comply with both Pakistani law and include specific conditions about fund usage for education only."
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1. Parties: Identifies and provides full details of the donor (giftor) and donee (recipient), including their legal capacity to give/receive gifts
2. Background: Establishes the context of the gift, relationship between parties if any, and confirms the donor's ownership of the money being gifted
3. Definitions: Defines key terms used in the deed including 'Gift', 'Effective Date', and any other relevant terms
4. Gift Declaration: Clear statement of the donor's intention to make an immediate and irrevocable gift of the specified amount
5. Amount of Gift: Precise specification of the monetary amount being gifted, both in figures and words
6. Delivery Method: Details of how the gift money will be transferred (bank transfer, check, etc.)
7. Acknowledgment and Acceptance: Formal acceptance of the gift by the donee and acknowledgment of receipt
8. Donor's Representations: Declarations regarding ownership, right to gift, solvency, and absence of fraud or coercion
9. Irrevocability: Statement confirming the irrevocable nature of the gift as per Islamic law principles
10. Governing Law: Specification that the deed is governed by Pakistani law and Islamic principles
11. Attestation: Space for witnesses and their details as required by law
1. Conditions of Gift: Used when the gift is made with specific permitted conditions (note: conditions must not contradict the principle of immediate transfer)
2. Tax Declarations: Include when the gift amount exceeds tax thresholds or requires specific tax compliance declarations
3. Source of Funds: Add when the gift amount is substantial and requires declaration of legitimate source for compliance with anti-money laundering regulations
4. Purpose of Gift: Optional section stating the intended purpose of the gift, if any (though should not be legally binding)
5. Indemnification: Include when there's need to protect against third-party claims or tax liabilities
6. Jurisdiction: Add when parties are in different jurisdictions within Pakistan to specify which local courts have jurisdiction
1. Schedule A - Proof of Funds: Attached documentation showing the source and availability of gifted funds
2. Schedule B - Transfer Details: Banking or transfer information for the execution of the gift
3. Schedule C - Identity Documents: Copies of identity documents of both parties and witnesses
4. Appendix 1 - Tax Compliance Declaration: Required declarations for tax purposes if the amount exceeds certain thresholds
5. Appendix 2 - Witness Attestations: Detailed witness information and signatures as required by law
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