Gift deed and Sale deed
Querist :
Anonymous
(Querist) 18 October 2010
This query is : Resolved
Dear Sir,
My uncle took a loan from a financial bank (KSFC) and unable to pay back. The mortgaged property is already sold off by the bank but the amount recoved was not sufficient to clear off the debts. The case is going on in the High court.
My uncle has done gift deed in the name of his son for the sole unmortgaged property that he owned. Is it safe to do a gift deed when compared to a sale deed.
Suppose if Uncle lose the case from KSFC, whether KSFC can legally take over the gifted property from the uncle's son.
Summarily, I would like to know which is safe gift deed or sale deed in the interest to safeguard the un mortaged property of the defaulter.
Grateful for your early response.
Thanks and regards,
Abdul Bari.
aman kumar
(Expert) 18 October 2010
if your Uncle lose the case from KSFC, KSFC can legally take over the gifted property from the uncle's son. gift deed is safe
aman kumar
(Expert) 18 October 2010
if your Uncle lose the case from KSFC, KSFC can legally take over the gifted property from the uncle's son. gift deed is safe
Querist :
Anonymous
(Querist) 18 October 2010
Hi Aman,
Thanks for your prompt reply.
If Uncle does a Sale deed to his son, whether KSFC can take over this sale deed property.
Which is better in the safe interest of the Uncle in order to safe guard the property from KSFC?
Thanks again!
Regards,
Abdul Bari.
Querist :
Anonymous
(Querist) 18 October 2010
Hi,
Is it better to do a SALE DEED rather than a GIFT DEED to protect the property from KSFC?
Appreciate prompt reply pls.
Thanks and regards,
Abdul Bari.
RAVI B SHAH
(Expert) 18 October 2010
Sale deed is more safer then gift deed but if your uncle lose the case then as a legal hair he has to bare the problem.
It is better to transfer property on other person then his son.
Devajyoti Barman
(Expert) 18 October 2010
Yes. Sell the property to some stranger.
Querist :
Anonymous
(Querist) 18 October 2010
But actually the legal heirs are not mentioned in the gurantors list. Are they still responsible to pay back the parents debt to the bank?
What does the law state?
