Heirship of property
Kalyan Ghosh
(Querist) 24 August 2014
This query is : Resolved
Respected Sir,
I am 67 and have only one son child with his family of my daughter in law and one my grandson(5 years).I have excellent relations with them.My son is big executive at a MNC and remains very busy.Moreover he is not at all property conscious.I wish to transfer everything in his favour during my life time,so that he has not to face any hardship after my death.For Bank A/Cs and Fixed Deposits my son is either a Joint Holder or Sole Nominee.
To my knowledge there are some options.
A)Gift Deed,B)Relinquishment Deed,C)Deed of Conveyance.Which one is the least cumbersome and least costly?
One civil lawyer dealing with property deeds has suggested that as my son is the only legal heir of my properties(My wife is not a factor ,she is as as kind to my son as well)simply by submitting one Affidavit before a First Class Magistrate will enable him to acquire the property.Whether the Hindu Succession Act allows this?Whether affidavit before a First Class Magistrate will enable him to acquire the property. Please help
ajay sethi
(Expert) 24 August 2014
gift deed in favour of son would be best option . since you are absolute owner of property you cant execute relinquishment deed in his favour .
conveyance deed would be an expensive proposition .
i would rather advise you to execute will in favour of your wife . in case your wife predeceases you property would devolve on your son . during your life time it is not advisable to transfer property in name of son .
Rajendra K Goyal
(Expert) 24 August 2014
Gift deed is recommended if do not want to go for a will.
malipeddi jaggarao
(Expert) 25 August 2014
I suggest you not to transfer entire property right now in his name. Anyway in Bank's FDRs you can give nomination in his favour. Nowadays children very inteligent. They know how to get the property transferred in their names on demise of their parents. Why do you worry? Live happily. Let the property be in your name. That is the social security.
Raj Kumar Makkad
(Expert) 25 August 2014
I shall confine myself just on legal issue rather to suggest you practical life which you know better than me.
Affidavit attested by First Class Magistrate is not sufficient neither for the transfer of the immovable property nor for the relinquishing it in favour of the another person.
Gift-deed is the best option to be executed during your life time.
Hemant Agarwal
(Expert) 26 August 2014
for "Kalyan Ghosh"
1. You are aged 67 years and your grandson is aged 5 years.
2. Execute a duly Stamp duty paid Registered Gift Deed in favor of your "grandson" and make "yourself" as the guardian-executor of the said Gift Deed. This particular "legal twist" clause in the Gift Deed, will secure you atleast Socially.
3. Executing affidavit for "transfer of movable /immovable", is illegal and prosecutable for evading Stamp Duty and Registration fees.
Note:
a) you said "I have excellent relations with them"
b) HOWEVER, History says that "excellent relations", TURN "worse relations", AFTER transfer of movable /immovable properties, to the family, during one's life-time.
Keep Smiling .... Hemant Agarwal
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T. Kalaiselvan, Advocate
(Expert) 30 August 2014
I find expert Mr. Hemant Agarwal's suggestion to be more suitable under the given situation.
