Gift or will HP

Querist : Anonymous (Querist) 24 November 2009 This query is : Resolved
Hi,
Due to certain(financial)circumstances my father through Registered sale deed House property was kept on my mothers Elder brother name.Recently father expired with out writing any 'Will'.My mothers Elder brother has executed gift deed the House property back to my mother
(now as ITS NOT AN ANSCENTORS PROPERTY).

MY MOTHER WANTS TO GIFT THE SAME TO ME SON.
and some amount of cash to my sister.

what is the implication in future

1)Is MY SISTER WILL HAVE ANY RIGHTS ON THE HOUSE PROPERTY IS SHE HAS TO sign on any documents /RELINQUESH HER RIGHTS ON THE PROPERTY.

2)Gift OR will WHICH ONE IS BEST OPTION.
please kindly help me in this regard.

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Vineet (Expert) 24 November 2009
Upon gift of property by your paternal uncle to your mother (I hope it has been registered and title of property stands in the name of your mother), it has become her personal property. She can gift it to you without any tax implication and your sister will not have any rights in the same. Hence ther is no need for any document or relinquishment or right from your sister.

There is not difference in tax treatment for property transferred under gift or will. However, you have to examine the stamp duty aspect in your respective state. In most of the cases there is substantial stamp duty on gift deeds involving immovable property whereas in will matters there is nominal stamp duty payable on probate but various legal procedures.

Raj Kumar Makkad (Expert) 24 November 2009
The opinion of Vineet is praiseworthy.

Gift is the best way in such circumstances.

prakash vathore (Expert) 25 November 2009
in the given circumstances in my opinion the gift is the best way to avoid all other complications.

Poonam Upadhyay pathak (Expert) 25 November 2009
Gift is the best option according to me.

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