GIFT BY LADY TO HER MINOR GRAND SONS

GIFT BY LADY TO HER MINOR GRAND SONS

LET IT  BE KNOWN TO ALL that I, Mrs………………… aged about ………….w/o……….r/o…………….do hereby on this………….day of …………declare as follows:

            WHEREAS the executant, having an account with ……………….., Bank and also having a Credit balance of Rs……………… in her account has withdrawn a sum of Rs……………. of which she is anxious to make a gift to her minor grandson ………….s/o……………r/o……………….which is acceptable by the father of the minor grandson acting as his natural guardian.

THE DECLARATION THEREFORE WITNESSES AS  FOLLOWS :

1.    That I have gifted the sum of  Rs…………… out of love and natural affection for my grandson, desiring that  he should be brought up in a dignified manner and according to the status of the family in which he is born.

2.     That I also declare that the  gifted amount is irrevocable property of the minor grandson without any kind of benefit reserved for the executant.

3.     That the gifted amount has been accepted by the father of the said grandson, Sri……….

4.    That the income accruing  to the minor out of the gifted amount by way of  interest, profit and otherwise shall be the exclusive income of the said minor grandson  in which the donee’s  father or mother shall have no interest.

IN WITNESS WHEREOF, I have signed this declaration on the day, month and year first above mentioned.

                                                                                    Sd/-Donor……………..

Witnesses :

1.  ……………..                     Accepted

2.  ……………..                                                         Sd/- Father of  minor