Gift deed
ANSARUL HAQ
(Querist) 19 October 2013
This query is : Resolved
Sir,
Can a gift deed be made of a flat on Which loan has been taken? A person wants to execute a gift deed to give 50 per cent share of his property (i.e. a flat) to his father. Though he (the donor) has taken loan for that flat. Is it legally ok for him to make a gift deed ? Kindly assist me in this regard.
Thanks and Best Regards.
ANSARULHAQ.
(Thane, Maharashtra)
ajay sethi
(Expert) 19 October 2013
read the terms and conditions of loan agreement . there must be a clause that no third party rights can be created without prior consent of bank .
further society will not transfer flat without obtaianing NOC from bank as society must have given an undertaking to bank to that effect
Devajyoti Barman
(Expert) 19 October 2013
Yes, gift is permissible.
Though legally bank can not raise objection, it is advisable to inform the Bank about this.
ANSARUL HAQ
(Querist) 19 October 2013
My sincere thanks to Mr. Ajay Sethi and Mr. devajyoti Barman for guiding me in this matter. I further thank 'lawyersclubindia' for providing this platform. I prize your opinions and hope it will help me a lot.
ANSARUL HAQ
(Querist) 22 October 2013
Your comment shows your concern for others. Does the subject needs more clarifications. I have confusions about the rule regarding the percentage of registration fee and the percentage of Stamp duty to be paid in the Thane district Municipal Corporation. I hope it will be more clear and transparent.
