DEED OF GIFT BY A BENEFICIARY OF AN UNDIVIDED SHARE OF THE PROCEEDS OF SALE OR IMMOVABLE PROPERTY HELD IN TRUST BY TRUSTEE UNDER THE WILL

DEED OF GIFT BY A BENEFICIARY OF AN UNDIVIDED SHARE OF THE PROCEEDS OF SALE OR IMMOVABLE PROPERTY HELD IN TRUST BY TRUSTEE UNDER THE WILL

THIS DEED OF GIFT made the ________ day of __________

BETWEEN

_________________________________________________ (insert the name of Donor, address, etc.) (hereinafter called the doner) of the ONE PART

AND

_______________________________________________ (insert the name of Donee, address, etc.) (hereinafter called the Donee) the state relationship if any of the donor ) of the OTHER PART.

WHEREAS:

Under the will dated the ________ day of __________ of [insert the name, address etc. of testator] are seized of the property mentioned in the schedule hereto free from encumbrances upon trust to sell the same and to stand possessed of the net proceeds of sale and of the net rents and profits until sale in trust as to one equal fifth part thereof for the donor absolutely.

The donor is desirous of giving to the donee all the interest of the donor in the proceeds to arise from the sale of the said property and the rents and profits thereof until sale.

NOW THIS DEED WITNESSETH as follows:

In consideration of his natural love and affection for the donee the donor hereby assigns unto the donee all that the one equal fifth part to which the donor is beneficially entitled of the net proceeds to arise from the sale of the said property and of the net rents and profits thereof until sale TO HOLD the same unto the donee absolutely.

The donee hereby accepts the said gift which is valued at Rs._______ for the purpose of Stamp duty.

IN WITNESS etc.

THE SCHEDULE ABOVE REFERRED TO:

[Particulars of property held on trust]

[Signatures of donor and donee]