Can i cancel gift deed of flat to my father?

Sachin mali (Querist) 22 March 2014 This query is : Resolved
I was faced some matrimonial issues. Now I got divorced from my wife.

But before any cases I have have gifted my Flat to my dad 2 yrs back by paying 50000/- stamp duty. For GIFT DEED, I have not informed the ICICI bank. And still paying loan for the same flat.

Queries :-

Now what should I do to take that flat on my name again?
Should I cancel the GIFT DEED?
or
Should wait as after my dad it will come to me again. Should I need to pay that time again?

Which will be more convenient way to follow?

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Rajendra K Goyal (Expert) 22 March 2014
You can not cancel the gift deed. The gifted property was not free from encumbrances.

Your father may gift it back to you. He may make a will in your favor but it can be cancelled / changed at any time during his life.

If your father expires intestate, the property would go to all legal heirs and not to you only.

Sachin mali (Querist) 24 March 2014
Thanks to Mr Rajendra Sir,

But I'm the only heir of my father and father is staying with me.
In future, all property will come to me only.

But my query is 2 yrs back I had paid 50000/- for GIFT Deed.

Now I may need to pay 70,000 to get that back on my name.

Or

After my father, what charges need to pay for name change as I'm only heirs?

Which may be beneficial for me ?

Sachin mali (Querist) 25 March 2014
please resolved me on my query

Guest (Expert) 30 March 2014
Your father in turn could execute a Settlement Deed in your favor the cost of which will be very much less than gift deed and the ownership would come to you with immediate effect and would avoid any complication with bank.Contact a senior document writer at Registrar Office or consult an Advocate.

Advocate. Arunagiri (Expert) 30 March 2014
If your father is interested in returning the property to you, I suggest you to go for settlement deed, which will cost a maximum of Rs.10,000/- stamp duty.

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