Transfer of Property
Querist :
Anonymous
(Querist) 30 April 2011
This query is : Resolved
Dear all,
My family has a property in the name of my Grandmother. She has three son. Now she wants to give this property to one of them.
So i want to ask that which will be the better, whether to transfer the property in the name of Son or Grandson. Better in every aspect, like in case any other son claim for that particular property in future.
Kindly guide. Here she just want to make declaration on paper. So what will be the correct method so that one can make him safe in future.
M.Sheik Mohammed Ali
(Expert) 30 April 2011
if your grandmother still live and grandmother self earned property, she will transfer as she like, either transfer her sons or grandsons.
Querist :
Anonymous
(Querist) 30 April 2011
Sir,
Property was in the name of Grandfather he is not alive now, Grandmother is alive.
What should we do, Shall we transfer in name of Son or Grandson??
R.Ramachandran
(Expert) 30 April 2011
A property of one person can be disposed of in any of the three following ways.
1. Will - this will take effect only after the death of the person making the will. It does not involve any cost. It is advisable to get the WILL registered. While there can be challenge to both registered and un-registered will, one will be in a better position to defend a registered will compared to an un-registered will.
2. Gift - This will take effect immediately when the Gift Deed is made. This is required to be Registered. Stamp duty is payable on the value of the property. The chances of any third party questioning the validity of the GIFT is very less. However, the party which makes the GIFT can turn around and say that it was obtained by fraud, coercion, threat, duplicity etc.
3. Sale - this will involve not only consideration to be paid but also stamp duty. However, this is not your requirement.
IN ANY CASE, MERE DECLARATION ON PAPER WILL BE OF NO USE. IT WILL DEFINITELY CREATE PROBLEM IN FUTURE.
R.Ramachandran
(Expert) 30 April 2011
Dear Anonymous,
It is highly unfair on your part. First you said that there is a property in the name of your grand mother.
Based on that fact we have already given our views.
But later on you say that the property was originally in the name of your grand father and now it is in the name of your grand mother.
Even now, it is not clear how many son(s) and daughter(s) your grand parents had and whether your grand father died intestate or after making a WILL. Whether the property in the name of your grand father was his self-acquired property or ancestral property.
