Gift by director of pvt. ltd company to his blood relative
Querist :
Anonymous
(Querist) 17 February 2018
This query is : Resolved
My brother is one of the director of a Pvt. ltd construction company. He would like to gift me one of the apartment in his constructed building. What is the procedure to acquire this property.
kavksatyanarayana
(Expert) 17 February 2018
If the same is his self acquired property or if ancestral for his share, he may execute a Gift deed in your favour. If he executes the document on behalf of the company, then it will be treated as a Sale deed only.
Vijay Raj Mahajan
(Expert) 18 February 2018
The person giving you gift should be owner of the flat that he propose to gift you. The gift deed of the flat duly signed by both parties and registered with sub-registrar or society or authorities where the record of the flat is being maintained. The record of the authorities should after the transfer of the flat to you mention your name as its owner including the Municipality records of the concerned city/state. All these precautions you need to take while the proper documentation is being carried out in the transfer of the immovable property coming to you as gift.
Guest
(Expert) 18 February 2018
@ Experts,
It is worth notable, it is not a case of gift from an individual, as the brother of the anonymous querist, but a gift from a Director of a Company for and on behalf of the company.
Guest
(Expert) 18 February 2018
Dear anonymous querist,
Better ask your Director brother of the company to seek advice from his own company secretary or chartered accountants.
Guest
(Expert) 18 February 2018
Does your Director brother intend siphoning of company funds by giving you gift of flat on behalf of the company, or you are seeking answer to a classroom exercise?
Dr J C Vashista
(Expert) 19 February 2018
If you are seeking obligation of experts FREE OF COST you will have to disclose your identity as per rules of this platform, no reply for an "anonymous" author, otherwise consult a local prudent lawyer.
