The new Act of Manintance and Welfae of Parents and Senior Citizens Act 2007 came into existence. Basically U/S. 23 of the Act it gives good protection to the parents of senior citizens. But off late it is seen that this Act gives a lot of practical problems to the Donee. Certain examples are given below.
1. When the Donee wish to take a loan by mortgaging this property, the financial institutions like banks insists to make the Donor as a Co-applicant in the case of Settlement Dees and Gift Deeds even if there is no specific conditions is made in the document at the time of registering the settlement deed. Sometimes the parents are not at all in a physical condition to execute any documents.
2. The relatives of the Donor make the Doner influenced and subsequently insist him/her to file complaint before the tribunal for declaring the document is void.
3. Where in the difference of opinion subsequently the Donor revoke the same.
Under these conditons I would like to confirm that.
1. Whether a parent donor can revoke the settlement deed, if there is no condition is mentioned in the settlement deed to maintain the parents. That is the Settlement deed is executed unconditionally and all the power has transfered to the Donee by the deed.
2. If so, what is the validity of a Settlement Deed or Gift Deed ?
Wish to have better opinions on this matter.
Regards,
Simon N V
(Advocate)
