Dear Sir/Madam,
I had a question related to Gift Deed or GPA.
My distant relative is a member of the State Government Housing Co-operative Society as he was a state government employee. There was an option to buy a site in Karnataka, so he gave me an option to buy it in his name. I am now paying for the site which is in his name. Once the site is alloted,
1. Can I transfer it to my name using Gift Deed or GPA? Is Gift deed allowed between far/distant relatives?
2. Also since it's from a society, the society has a rule that the alloted site cannot be sold for a period of 10 years - will this be a problem to transfer the site to my name soon after allotment?
Thanks for your response,
Sunil
