My Grandfather bought a property in 1942 and he died on 1952. In 1958 my Grandmother died. My father was the only legal heir and the property was in his possession. He sold some portion of the property during his lifetime and later in 1999 he died intestate. My dad's legal heir include a son(myself), 3 daughters and his wife. In 2001 I got a release deed from My 3 sisters and my mother in exchange of money (a sum of 20 lakhs) and the deed is registered in favor of my name. Now I'm planning to gift a portion of the property to my wife. My question is whether this property is considered as a self acquired property in my hand or it is still a ancestral property ? Can I gift a portion of the property to my wife without getting the permission from my son and daughter? The above said property is in Tamilnadu.
