Rahul Sengupta (Professional) 30 April 2018
Respected experts,My father is gifting me all his money to me as he wants that I become the sole owner of his earned money after his death.My brother and sister is not aware about this.Although all of my father's money is transferred to my account through cheque is Gift Deed still required for this cash gift?Can my siblings challenge my father's decision after his death?
Kumar Doab (FIN) 30 April 2018
Your last query is probably your 1st; Yes, why not. Certainly your siblings can agitate. When they agitate, IT is in other words, challenging the flow of total funds to you and stake claim for a share…
Basic facts is; Your father can dispose his self earned/acquired, share in ancestral estate in his life time by a valid/registered deed..
Kumar Doab (FIN) 30 April 2018
If funds transferred in your a/c are self earned/acquired, your father may cover the transaction by a written letter/communication (handwritten IF IT can be) before/on date of transaction …………………and then leave a valid WILL (preferably registered) covering the transaction..
From IT point of view your father may leave a gift deed in your favor covering transaction…
Your father can also consider settlement deed in his life time and register IT…
IT shall be appropriate to get proper legal opinion, in person, from a very able LOCAL senior counsel of unshakable repute and integrity specializing in IT/civil/testamentary matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt
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