A gift deed is a legal document that transfers the ownership of a property from one person to another without any monetary consideration. Gift deeds can be used to transfer immovable property, such as land, houses, and apartments. In Maharashtra, gift deeds are governed by the Maharashtra Stamp Act, 

Transfer of Ownership: One of the most significant advantages of a gift deed is that it facilitates the transfer of ownership of the property. This means that the donor relinquishes all rights and interests in the property, transferring them to the donee.

If the value of all the gifts taken together exceeds Rs 50,000, the aggregate of the gifts received become taxable without any threshold exemption. However, income tax laws also give a favourable treatment to gifts between two close relatives

Irrevocability: Once the gift deed is executed and registered, it typically becomes irrevocable .Loss of Control: By transferring ownership through a gift deed, the donor relinquishes control over the property