Dilemma in disposing off a self acquired property
pramod
(Querist) 06 February 2012
This query is : Resolved
Respected Experts,
Would like to find safest course to transfer a self acquired property of mother to one of the sons to avoid legal challenges in future, following details are the facts and circumstances of the case;
Two brothers are not in good terms with each other, both parents are senior most citizens, elder son presently looking after them, mother went through brain hemorrhage couple of years back, at present she is conscious and quite good at responses towards to all her daily routines.
Both the parents do wish to transfer their self acquired property to elder son, and also would like to ensure no legal challenges could bring successful litigation to younger son.
Hence what could be the best mode of transaction of property as per their want and wish? Is it through a way of Will or Gift else direct transfer for consideration to elder son? Kindly suggest an appropriate path of course.
Thanking you with all Dear Experts.
ajay sethi
(Expert) 06 February 2012
will is better . parents can bequeath property to eldest son . if tomorrow parents want to change their mind they can do so .
whereas gift would attract stamp duty and gift once made property would vest in donee . in case parents desire to cancel the gift it would be cumbersome exercise and quite a complicated affair
Raj Kumar Makkad
(Expert) 07 February 2012
As already advised gift shall attract stamp duty. I am of the opinion that though it shall require stamp duty but all disputes shall end immediately on registration of gift deed and your desire can be got fulfilled as asked in first sentence of your query.
Sailesh Kumar Shah
(Expert) 10 February 2012
Gift deed would be best option to end all disputes.
