Gayatri (House Wife) 22 March 2012

Property can it be transferred for limited time

Hello Experts

I have a property in India and would like to change the ownership to my kid or my parents for a tenure of 5 years.

Is it possible to gift the property to time period of 5 years ?

Appreciate your approach on this.

Thanks

Gayatri

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2 Replies

M V Gupta (Advocate) 22 March 2012

I do not know the objective u want to achieve by limited transfer. You may however consider granting lease or license for a period of 5 years. Lease / license confers right to occupy and use the property for the agreed period, by paying rent agreed upon. on the expiry of the period of lease they will have to vacate the property and returnm possession to u.

K. GOPALAKRISHNAN (ADVOCATE) 23 March 2012

Ma'am

You may execute a Settlement Deed either in favour of kid or your parents and get settlement in your favour after 5 years. However, it is not advisable to settle the property on your parents.

Regards

Gopal.