Gift of property

It amounts to conditional gift.

In such a case, in my opinion it will be better if you make a WILL instead of gift, so that you can enjoy the property during your lifetime and it shall go to your son and daughter in law after your death.

sorry....there is a typing mistake.... read 'daughter' in place of daughter in law.

A gift is the transfer of property by one person to another made voluntarily and without consideration. The person transferring the property is called the donor. The person to whom the property is transferred is called the donee. The donee must accept the property.

Such acceptance must be made during the lifetime of the donor and while he is still capable of giving it. In case the donee dies before acceptance, the gift is void.

Any person who is the legal owner can make a gift of his property. A minor, being incompetent to contract, is incompetent to transfer property as a gift. A gift by a minor will be void. On behalf of a minor, a natural guardian can accept a gift containing a condition that the person nominated in the gift deed will act as a manager of the gifted property.

Such acceptance amounts to recognition of the natural guardian of the nominated person as a manager for the purpose of the gift of property. While a minor may be a donee, if the gift is onerous, the obligation cannot be enforced against him while he is a minor. But later, he must either accept the burden or return the gift. A gift may be accepted on behalf of a donee. The donee may be a person unable to express acceptance. The donee must be an ascertainable person. The gift must be an existing property. It cannot be a future property.

Anyone can execute a gift deed in favour of anybody else, if the property is self-earned one. Ancestral properties are subject to personal laws in India, for which a lawyer's advice may be obtained.
There is no need to have a relationship for a gift as it is gratis.
Gift deeds are to be stamped according to stamp duty Registration fee is also to be paid.
Some states have prescribed concessional stamp duty for gift deeds between or amongst family members. Here, the word 'family' is defined in the stamp act of the state and concession is applicable only if the executant and beneficiary fall within this definition

 

Hi Gupta,

I think you should make a Settlement Deed in fav of ur son and daughter , instead of Gift ...For Gift Deed u have to pay 8 % of the property value plus registration charges. As Adv Archana said can make a Will , but it has to be Probated before High Court .