Hi, bequest is entirely different from Gift as per dictionary meaning word "Bequest" means "The act of giving or leaving personal property by will."
2. When you executed a gift deed then property will transfer immediately but when you executed will property will transfer only after your death i.e. means will become come into effect only after your death and one more thing is that you can make any number of will only last will only be valid.
3. For the purpose of Gift Explanation family means: Family in relation to the donor
for this purpose means husband, wife, son,
daughter, daughter-in-law and grand children.
If the property is transferred other than the above relationship you have to pay the stamp duty as per market value.
4. As per land reforms act definition of family means:-
(a) in the case of an individual who has a spouse or spouses, such
individual, the spouse or spouses and their minor sons and unmarried
daughters, if any;
(b) in the case of an individual who has no spouse, such individual and
his or her minor sons and unmarried daughters;
(c) in the case of an individual who is a divorced person and who has
not remarried, such individual and his minor sons and unmarried daughters,
whether in his custody or not; and
(d) where an individual and his or her spouse are both dead, their
minor sons and unmarried daughters;
and J “joint family” means in the case of persons governed by Hindu Law,
an undivided Hindu family, and in the case of other persons, a group or unit
the members of which are by custom joint in estate or residence;