Gift Deed Query
k. santosh
(Querist) 30 January 2010
This query is : Resolved
Can a sole proprietor executed a gift deed in favour of himself and with others?
Eg. "ABC" is proprietor concern represented by sole proprietor "D". sole proprietor "D" purchased immoveable property is the name of ABC. now ABC represented by sole proprietor "D" wanted to execute gift deed to his sons and himself.
Wheather such gift deed is valid or not.
Deekshitulu.V.S.R
(Expert) 30 January 2010
certainly he can execute a gift deed reserving life estate in himself and
vested reminder to his his sons.
niranjan
(Expert) 30 January 2010
He being a proprietor of the firm,can gift to his son some property,but the firm itself cannot give any gift not being the legal entity.
Jithendra.H.J
(Expert) 30 January 2010
gifting property to himself? very confusing
B K Raghavendra Rao
(Expert) 31 January 2010
There is no different identity for a sole proprietory concern and the proprietor himself. As such a gift deed to his sons is perfectly alright. But, gifting the property himself is something unheard of atleast in the eyes of law.
At the best your proposition could be summarised as: proprietor wants to make his sons as joint owners of his property along with himself. A gift deed has to be made as suggested by Sri Deekshithulu.
