Settlement / Gift of immovable property
Chandramouli
(Querist) 12 June 2010
This query is : Resolved
I am the sole legal heir of my deceased wifes house. the house was acquired solely through my earnigs as she did not have earning. I have no issues. I have 3 brothers and 4 sisters, all married. Two of my brothers and two of my sisters are deceased.I now want my one of my alive brothers son to gain sole rights on the property. Which is the best and least expensive way to convey the title to the intended person. Pl advise
Raj Kumar Makkad
(Expert) 12 June 2010
If you adopt the son of your brother then it shall solve entire problem and shall not require incurring even a single penny as only registered adoption deed shall suffice but if you do not adopt him then get the gift-deed executed which shall provide all rights in the gifted property as are available to you. The rate of stamp duty are different in different states. So get enquired from local office of registrar.
B K Raghavendra Rao
(Expert) 12 June 2010
You have not specified if you want to transfer the title of the property while you are alive or after your death. If you want to do so right now, you may gift the property by means of a registered gift deed. If not, you may make a will.
G. ARAVINTHAN
(Expert) 13 June 2010
if your brother's son is minor, then adoption can be taken.
Chandramouli
(Querist) 17 June 2010
Sir,
Thanks for the prompt advice. I am sorry I have not mentioned the following facts:
1. I dont have intention of adopting my brothers son (He is 50 yrs old) or anyone else.
2. The property is in Chennai.
I understand that in chennai the regn for gift deed attracts duty like a sale deed. I dont want to spend that much.
I also understand that leaving a will may end up in procedural and legal complication. Though I am interesed in retaining usage rights to the property till the end of my life, I dont mind transferring ownership absolutely, now.
In view of the above can you pl advice.
