srk (Service) 18 August 2016
I gifted my land to my brother 4 years ago, he constructed a warehouse in it and registered to him, now we both want to cancel the gift deed so that i can take the possesion of my land. what will happen to the warehouse now? will it be considered as his property or mine after the cancellation of the gift deed, will I be able to purchase the warehouse from him? Can i take a bank loan to buy that warehouse from him?
appreciate your help
kavksatyanarayana (subregistrar/supdt.(retired)) 18 August 2016
You gifted the property to your brother and he constructed the warehouse. it will be treated as his propedrty. so now your brother may execute gift deed in your favour for the entire house with site. he can mention in the document that the land was given by the donee (that you) and being constructed warehouse, he wishes to gift the same to you. it will cost for stamp duty, less than the sale deed. if you wish you may get the sale deed done in your favour by your brother.
Augustine Chatterjee,New Delhi (Advocate & Solicitor at Law) 18 August 2016
A gift deed once made cannot be cancelled . Since your brother is the absolute owner of the property as of today, the only option that you have is to have him execute a gift deed/sale deed in your favour.
Augustine Chatterjee
Advocate & Solicitor at Law
9999931153
Kumar Doab (FIN) 18 August 2016
To cancel gift explicit consent of donor,donee is required.
Avoid consideration in gift deed.
Another option is outright sale.
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