Gift deed
Vikas Arora
(Querist) 23 August 2012
This query is : Resolved
I want to ask my father is planning to invest in new property out of the funds he will receive from my grandfather on account of sale of his house. The rest two brothers of my father didn't want to invest right now. So basically my question is there is any alternative that in the near future registry of the new property purchased by my father will be done only in my father's name as a main applicant, not as a co- applicant with my grandfather so that there is no possibility of claiming any share by the rest of the two brothers in that property in the future.
& What are the implications of Gift Deed?
ajay sethi
(Expert) 23 August 2012
contact a local lawyer . get gift deed prepared by him . on deed been executed property vests in donee . have gift deed duly stamped and regd .
if your grand father is selling the property is he distributing sale proceeds in 3 portios or giving entire money to your father .
Vikas Arora
(Querist) 23 August 2012
Thanks sir
Actually my grandfather is distributing the sale proceeds among all three sons but the share of my father is much higher in comparison to the other two sons because he is also taking the value of his share in grandfather's factory premises. Rest two partners will continue the partnership firm.
