Will vs gift deed
karthik
(Querist) 02 September 2014
This query is : Resolved
I am in the process of working on a will for my mothers self acquired property.My sister is the only other legal heir.
Because of differences between our and my sisters family mother is insisting to take legal procedures to ensure property is solely within our family.
I know that a gift deed has an immediate affect as against a WILL which takes effect only after demise.
considering the above family situation kindly suggest if will or a gift deed serves a better purpose. Also kindly suggest the approx cost encored on both the scenarios.
Laxmi Kant Joshi
(Expert) 02 September 2014
Registered gift deed is a best option, you have to pay 1% stamp duty on the total valuation of that property circle/market prise and 2% registration charge on the total valuation of that property, on the other hand registration of will is very cheap in comparison of gift deed, but i recommend registered gift deed.
ajay sethi
(Expert) 03 September 2014
gift deed is better option for you . however it is in your mother interest to execute will only . she should retain full control over her property till her demise
malipeddi jaggarao
(Expert) 03 September 2014
You are well aware of the effects of Will and Gift Deed. Why are you approaching the experts?
If you wish get the property instantly, registered gift deed.
If you can wait (I can not use words like demise of your mother) Will.
Option should be given to your mother - not to you.
karthik
(Querist) 03 September 2014
thank you all for your reply.
The property in my moms name is a vacant land.we (mom and me) have no plans of selling it in the near future. Our only concern is w.r.t to the differences with my sisters family and their inclination towards moms property, which will be a safer legal option.
Mom says she is fine with any of the 2.
Dr J C Vashista
(Expert) 03 September 2014
Well advised, I have similar opinion.
Kumar Doab
(Expert) 03 September 2014
Agreed with experts.
Cover the vacant land with boundary wall and keep on watching it regularly.
ajay sethi
(Expert) 03 September 2014
thanks for your appreciation
T. Kalaiselvan, Advocate
(Expert) 06 September 2014
Thus, execution of a registered gift deed in your name will be the best option. For stamp duty and other formalities, you may consult local consultants/brokers.
