need assistance

Querist : Anonymous (Querist) 21 May 2010 This query is : Resolved
dear all,

i am a 21 yr old student..i wish to know if i can conjointly hold property with my father..
also please tell me if anything can be done to restrict transfer of the property into wrong hands as a lot of outsiders are eyeing for my fathers property?

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mahendrakumar (Expert) 22 May 2010
your father could make a will in favour of you.

Guest (Expert) 22 May 2010
or he can gift/settle 1/2 portion of the property during his life-time in favour of you.

Ashok Yadav (Expert) 22 May 2010
If you want to own the property in your name in the life time of your father he may make a gift deed in your favour.
If the property is ancestral then he can make a relinquish deed in your favour.

Or if you thinks that after death of your father you should own the property then he can make a Will in your favour.

Uma parameswaran (Expert) 22 May 2010
If the property is ancestral and you are the only legal heir,then your father can make a WILL or settlement deed in your favour.

Querist : Anonymous (Querist) 23 May 2010
thank you all.
can i also know what are the tax implications my father will have bear if we conjointly hold the property or he if he gifts it to me?
i also desire a response to this hypothetical query- if if the will consists of my name but the property is transferred to some one else then who can claim the property?what is valid?

Raj Kumar Makkad (Expert) 23 May 2010
There is no tax implication except the registration and stamp charges in the event of gift by your father in your favour and if such property is transferred in favour of any other person then in the event of its ancestral, it can ver well be challenged by you.

Querist : Anonymous (Querist) 23 May 2010
thank you sir,
if i am a joint holder of the property will my father need my consent before transferring it to some one else and what will happen if he changes the will even if i am a co-ownr of the property??

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