Transfer of property to son for use

mukesh (Querist) 28 December 2012 This query is : Resolved
Dear Sir,

My elder son is working in government department and younger one (illiterate) is help me to manage shop. Now my health has not been good for the last 1 year and not able to work anymore, So i am fully dependant on my elder son completely. Now, I want to transfer my shop to my younger son to run business and earn his livelihood without having ownership right. Is there any way out?

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prabhakar singh (Expert) 28 December 2012
You have not told if the shop is owned by you
or you are tenant of the shop.

If it is owned by you then even with out transferring your ownership rights in the shop building business can be handed over to
your younger son several kind of agreements that suits to you all.

In case of tenancy let the shop be look after by your younger son without any agreement.you may monitor his every day work by accounting.

Guest (Expert) 29 December 2012
If owner of the shop, you can transfer the shop to your son, as a gift, through a registered gift deed.

Raj Kumar Makkad (Expert) 01 January 2013
If you don desire to transfer your ownership rights in favour of your younger son then better to execute an agreement and accordingly get the desired desire fulfilled,

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