Gifting away property
hln
(Querist) 02 June 2009
This query is : Resolved
My friend needs legal advice on gifting property.
He intends to gift his self-acquired property worth Rs.30 L to one of his acquaintance. He had fallen sick and no body turned up to look after him. One of his acquaintance came to his rescue. Served him and stood by him in times of crisis. Pleased with her guileless act, he intends to gift his self-acquired property to her. Is it legally acceptable?
His wife has deserted him and living separately from him for the last 20 years. However,she does not intend to join him nor has she accepted divorce.
He is bent on not giving her this self-acquired property. Is this possible from legal angle?
If so, what is the stamp duty involved for registering gift deed. Does it attract any tax. Kindly let me know to help him come out of his predicament.
B.B.R.Goud.
(Expert) 02 June 2009
Yes. it is legally valid and acceptable one. being it is self acquired property, his wife deserted and living separately for 20 years, his wife is not at all entitled to his property.
if she has children with him, they are entitled for his property and then she also.
after deserting, living separately for 7 years without knowing her identity, he can take divorce through court of law, as per the provisions of Hindu marriage Act.
A V Vishal
(Expert) 02 June 2009
Dear hln
Your friend can gift his property to his acquaitance, he needs to gift it through a gift deed and register the deed mandatorily, He will have to pay the cost of the stamp duty and the registration expenses, similarly the donee viz the acquaitance has to bear gift tax at 33.99% since he is not a relative in terms of the Gift tax act. Alternately, your friend can also write a will and have it duly registered, even registration of Will is not mandatory but to avoid any future disputes wrt claims from the legal heirs since your query states that his wife is staying apart without a divorce.
sanjeev murthy desai
(Expert) 02 June 2009
I agree with the above views.
If he gifted his self acquired proeprty to his acquaitance there is no problem under law. But he should have to be pay the stamp duty, registration fee and Gift tax.
Please specify subject property where its situated otherwise it is difficult to confirm the stamp duty and Registration Fees because each states have different stamp duties and registration fees.
Y V Vishweshwar Rao
(Expert) 03 June 2009
I Agree with the opinions of learned freiends
The Regd Gift Deed is better than the Will Deed
In AP stamp Duty on Gift of Immovebale proerty to other than family members 6 % on the Registration office value Plus Rgistration Feee & mis charges
adv. rajeev ( rajoo )
(Expert) 03 June 2009
When it is self acquired property, he can dispose according to his will and wish. In my opinion it is better to execute the regd.,will, registrtion is cheaper, but it can be challenged. Gift deed can also be challenged. To save the money will is better.
During the life time of the husband wife cannot seek partition.
sanjeev murthy desai
(Expert) 04 June 2009
Dear Mr. Rajeev,
I have differ opinion with in this regard, Becuase will may be cancelled at any time by testator, its depend upon testator mind and circumstances, and after the dimse of testator may be chance to challanged by legal hiers of testator and that the property transaction also happening after the death of testator. But in the Gift Deed once a gift accepted by donee there is no one can challanged the title of donee unless the doner having the any condition in that Gift Deed beacuse subject property is self acquired property of Doner.The Property transaction also happen from the date of execution.
During the life time of the husband she has the right to claim her maintance and If husband dont have income source other than this property she has the right to get that property as a her maintanance.
Y V Vishweshwar Rao
(Expert) 06 June 2009
Mr Desai You have explained in detail and it is correct !
