Gifted property

If you have acquired the property gifted to you by your grandparents, it  becomes your own property.  No body can claim a right or share in the property including your wife ( as per the present law in vogue), so your fears that your wife can claim a share in the property are unnecessary.  It is upto you to gift the property to your brother, sister or any one you wish to.

Thanks Kalaiselvan ji. This clearly clarifies most part of my question.

I look forward to answer to the second part of question too from experts here:

Would this property value be taken into consideration during calculation of maintenance/alimony (if any) during divorce proceedings?

I do not get any regular income from these properties. In turn I am investing on the regular taxes paid.

Appreciate your clarifications...

Anand

The second part you wanted to clarify, i.e.,

Would this property value be taken into consideration during calculation of maintenance/alimony (if any) during divorce proceedings?  I do not get any regular income from these properties.

I believe you can understand fro your question itself you fond an answer, i.e., you have stated that you you do not get regular income from these properties is the answer for your question, on a property which is not yielding any income how can that be counted as another source of income for considering maintenance amount?  The sources of income which has been proved, alone can be considered as total income for considering the quantum of maintenance amount, so you need not worry about the non-income yielding property asset in this connection.

Your wife have no legal share in the gifted (self-acquired) properties. If the properties have been yielding some income, only then the income generated would be taken into consideration during divorce/ maintenance.

 Yes, you can gift it to any one, if it do not have any encumberance.

Thanks Kalaiselvan ji and Vashista ji. 

I had plans of starting an Old age home and Orphanage at these properties.... Which could be hopefully continued by my nephews and neices after me.

Thought my wife would raise issues about this. But I have my queries clarified now and could start off on my basic efforts.

Thanks again for your quick clarification.

Anand

Would there be any change in the above clarifications after IrBM is approved by parliament and becomes a law?

I would like to take ample care as I do not want to get into a situation where the old-aged and orphans are left to road due to my wives claim on these properties in the long run.

Would appreciate clarifications from other experts too.

Cheers!

Anand

IRPM or any other amendment of law on such issues are not in the sight now, hence do not worry about a non-existing thing now itself, if there is any such law in the future, there will be loopholes embedded to it, then we will think about next course of legal action accordingly.

Any amendment in law is applicable prospectively and not retrospectively.