Trustee for gifted commercial shop to a minor son
Mohammad Yasin
(Querist) 19 August 2014
This query is : Resolved
Dear All,
I am a Muslim aged 60 years,retired, residing in Mumbai.I have bought an ownership commercial shop in a cooperative society in Mumbai about 20 years back in my and my first wife s name.The payment was made from my single NRI account by cheque.I have 2 sons , both major, from my first wife.Both sons are NRIs and well settled in Dubai.I did second marriage under support of first wife and sons.I have one son aged one year old, from second wife.
Now I and my first wife want to gift this shop to my second wife and her son aged one year.I understand that as son is minor we require to appoint a trustee.Your advise will be highly appreciated on following :-
1..My first wife (due to sickness) and two elder sons (due to NRIs) can not become trustee.Therefore second wife even she will be a share holder, can become trustee also ?
2..Can I (father)become trustee and whats alternative can be arranged after my death?
3..In your opinion is there any other way to protect minors interest and will get share in his name without any risk or fraud?
4..what documents will be required by Society in order to transfer the shares to wife and minor son.Can society raise any objection?
I thank you for your valuable time and right guidance as usual.
Thanx n Regards,
Yasin
Tel.9930207080 , 9870451789
T. Kalaiselvan, Advocate
(Expert) 24 August 2014
Instead of appointing a trustee for minor's property, second wife can be appointed as guardian for the minor to take care of the property belonging to him during his minority.
Mohammad Yasin
(Querist) 24 August 2014
Thank you very much Mr.T.Kalaiselvan for your easy solution.However is this OK if second wife is also shareholder of 50% in same property?
2..I understand that there is no stamp duty on Muslim gift deed.Is this apply here?How to process it?
Thanx n regards
Yasin
T. Kalaiselvan, Advocate
(Expert) 24 August 2014
The second wife is a joint holder and she will be considered owner of her share and guardian to the minor who will become the owner of the other share of the said property. Under Muslim personal law, gift deed need not be registered, it is valid even if it is unregistered/oral hence stamp duty need not be paid.
Mohammad Yasin
(Querist) 28 August 2014
Thanx a lot Mr T.Kalaiselvan.
Please guide if during minority period Of son , if guardian (mother) deceased then what will happen ?
What arrangements or future document can we keep in place to overcome such scenario?
Thanx n Regards.
