Property gift deed
PRIYA BHATIA
(Querist) 03 October 2019
This query is : Resolved
My father has a flat in his name and wants to gift to my brother. But he has some apprehension in doing so. Can he do a conditional gift deed?
What is the process and can he hold the title from passing to my brother till his death?
KISHAN DUTT KALASKAR
(Expert) 03 October 2019
Dear Sir,
Once Gift Deed is executed it cannot be cancelled. Please see the following information.
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Gift Deed – once registred no cancellation
A gift is a money or house, shares, jewellery, etc. that is received without thought, or merely an asset acquired without making a payment against it and is a capital asset for the ‘Recipient.’ It can be as cash or movable property or immovable property.
If you might want to gift the property to any of your blood relatives, Gift deed can be used. In the case of immovable property, it is required to register the Gift Deed as per Section 17 of the Registration Act, 1908.
This kind of transfer is unavoidable. When you gift the assets like land, it belongs to the beneficiary or receiver of the gift and you cannot switch the transfer or even ask money related compensation.
It can be a cost effective method of transferring the ownership.
SHIRISH PAWAR, 7738990900
(Expert) 03 October 2019
Dear Smt. Priya,
Instead of conditional gift deed your father can execute will. Will gets effect after your father and your father can hold title till his death if he is having doubt in his mind.
Regards,
Sandeep Naik
(Expert) 03 October 2019
Though I respect above experts, to my little knowledge, the Gift Deed can be revoked under section 23 of "The Maintenance and Welfare of the Parents and Senior Citizens Act, 2007" .
Sandeep Naik
(Expert) 03 October 2019
Under the said act, if the beneficiary i.e. son/daughter after receiving the gift if he or she neglects the Senior Citizens or has neglected to maintain them then the donar has an option to go before the Sub Division Officer and get back his/her property gifted .
kavksatyanarayana
(Expert) 03 October 2019
Ji, your father can gift the property on conditional basis that is he (your father) has right to enjoy the property without any transfer till his death. or follow the expert advise of Mr. Shirish Pawar ji.
kavksatyanarayana
(Expert) 03 October 2019
Ji, your father can gift the property on conditional basis that is he (your father) has right to enjoy the property without any transfer till his death. or follow the expert advise of Mr. Shirish Pawar ji.
Dr J C Vashista
(Expert) 04 October 2019
Gift has to "unconditional" and "irrevocable", except of exceptional circumstances.
It would be advisable to consult a local prudent lawyer with relevant documents for better appreciation of facts, guidance and proceeding.
However, if you are located in Delhi and feel so, may contact me (on appointment) at: Chamber No 647, Lawyer's Chamber Block, Dwarka Courts Complex, Sector 10, Dwarka, New Delhi-110075;
Cell# +91 9891152939 or visit: vakil-saab.com
P. Venu
(Expert) 04 October 2019
A settlement deed could be executed with the father having the right to occupy the property during his lifetime.
P. Venu
(Expert) 04 October 2019
A settlement deed could be executed with the father having the right to occupy the property during his lifetime.
