Hi,
I am from Bangalore. I bought a plot from a Lady and the Lady got the property from her Husband thru Gift Deed.
She registered the property in her name using Gift deed, and she has gotten Khata also in her name.
After one month, I bought this property from her and registered in my name.
I heard that if a property was acquired by Gift Deed, the person cant sell it within one year. Is this true ?
In my case, she sold it after a month to me.
Please help me out to understand this law, (also if anything specific in Karnataka)
Thanks.
Sekhar