Company accomodation and family issues
B.S.NARAHARI
(Querist) 31 January 2015
This query is : Resolved
Respected Sirs / Madams
The following points explains you the true facts.
1) My father owned 1200sqft vacant site upto year 2005.
2) As iam only son to my retired parents (with No pension ) so my father gifted the said vacant site to me in the year 2005 to avail housing loan. Then i borrowed housing loan in the same year & got commenced the house construction activities & completed by year 2006 feb.
3) Since iam working for Govt PSU at Bangalore & we residing at Company provided quaters with 30% HRA deduction since from our occupation of quaters dated November 2002.
4) after the completion of house construction in feb 2006, I decided to leave the company quaters & move to the new ly builtup house along with my aged parents. But my mother resisted owing to the remote location & lack of houses nearby our newly built house.
5) Then i offered the new house to my friend for a lease period of 3 years just to clear few petty loans.
6) Meanwhile i got married by my parents & as usual misunderstanding in families arised.
7) I sustained all the family pressure's till completion of 3 years lease period of our new house.
8) In year june 2009,Again i decided to quit company quaters & move to our own house & wish to settle. But again my plan failed .
9) My parents agreed to settle in our own house, Provided if i bear their monthly household expenses, For which i committed.
10) I continued to stay in company provided quaters along with my wife & kids.
11) To-day i got circular from our company stating to quit company quaters within 3 months for those who own the house within Bangalore limits.
12) The own house where currently my aged parents are staying is in my name.
13) Due to family problems & to take care of small kids, My mother-in-law(widow) is required to stay with us.
14) our own house is just 3 kms away from my quaters.
Can i again gift deed our own house back to my father or mother or mother-in-law, Because all these three elders are dependant on me.OR ELSE can i enter into GPA or any sale agreement kind of things with my mother-in-law so as to prove that i do not have own house in my name.
15) The own house is only ground floor & i will not get any rent as income despite my 30% HRA deduction from company itself.
If the own house is not in my name & after housing loan clearance then i can continue to live in Company quaters for couple of reasons.
a) School is nearer for kids
b) Iam required to travel for outstation company projects
I request you to advise.
Thanking you Yours faithfully
B.S.NARAHARI
Devajyoti Barman
(Expert) 31 January 2015
Once can always gift his own property to anyone he chooses though I could understand your reason for doing so only to keep the quarter.
POA will not transfer your name and if you gift then you lose all your ownership over the property.
So decide prudently whether you want to have that risk or not.
Guest
(Expert) 31 January 2015
Besides the advice of Shri Devajyoti, I may add that you can gift your property any time to anyone you like.
But if you have decided to sell your house, what about repayment of your housing loan, which may be required to be cleared before you sell?
prabhakar singh
(Expert) 31 January 2015
AN OWNER CAN ALWAYS GIFT BUT IT WOULD MAKE YOU NON OWNER HENCE CAUTION IS ADVISED.
ajay sethi
(Expert) 31 January 2015
during your lifetime you should not gift the house you own . you can always execute will in favour of your family members .
B.S.NARAHARI
(Querist) 31 January 2015
Dear Sirs,
Instead gifting the house, How can i execute will in favour of my mother or mother-in-law. If i execute will then do i need to go for registration of will.
Secondly after will execution, The house name will be in my name or not. The company does not want house either in my name or my wife.
Kindly advise about execution of will
cheers
Narahari
B.S.NARAHARI
(Querist) 31 January 2015
Dear Devajyothi Sir,
May i know the meaning of POA & what does it mean exactly.
How POA is linked to me
Cheers
Narahari
Rajendra K Goyal
(Expert) 31 January 2015
Ownership would remain in your name during your life if you bequeath a will.
POA means power of attorney. GPA means General Power of Attorney which you have mentioned in the query.
May execute a gift deed in favor of your father. He can make a will in your favor although risk is still associated.
prabhakar singh
(Expert) 31 January 2015
YOUR PARTICULAR PURPOSE CAN NOT BE FULFILLED
BY EXECUTION OF ANY POA OR GPA OR ANY AGREEMENT TO SALE.
YOU DO NEED TO EXECUTE EITHER A SALE DEED OR GIFT DEED OR A LEASE DEED OR A MORTGAGE DEED WITH POSSESSION.ALL WOULD REQUIRE REGISTRATION. A LEASE OR MORTGAGE WITH POSSESSION WILL BE CONSTRUED AS THOUGH YOU ARE OWNER BUT DO NOT HAVE POSSESSION LEGALLY DIVESTED IN FAVOR OF LESSEE OR MORTGAGEE.
BUT ALL THIS YOU WOULD BE DOING AFTER NOTICE OF THE COMPANY THEN THEY MIGHT RAISE
OBJECTIONS THAT YOUR TRANSACTION BEING IN FAVOR OF NEAREST RELATION ARE SHAM JUST TO DEFEAT NOTICE OF THE COMPANY.
B.S.NARAHARI
(Querist) 31 January 2015
Thanks for all your advice sirs,
Executing Gift deed in my father's name & my father writing will in my name; What is the amount of risk?. If you stay in Bangalore I would like to meet you sir personally.
The company is clear about it's quaters allotment stand. It says " The own house should not be in it's employee name or his/her spouse name.
Secondly iam the only son to my parents.My parents are aged & innocence by nature.
As per me POA or GPA still claims the ownership of house in my name only.So own house in my name then i cannot continue to live in company provided quaters.
cheers
Narahari
B.S.NARAHARI
(Querist) 31 January 2015
Respected sirs,
I kindly request yo all to advice me the best possible solution for me to continue to reside in quaters for another 3 years without any hurdles. In this connection iam ready to meet the lawyer personally residing near Bangalore North.
Dr J C Vashista
(Expert) 01 February 2015
Too long a story and not query, be precise or engage and consult a local lawyer.
T. Kalaiselvan, Advocate
(Expert) 01 February 2015
Gifting away the property in favor of your mother in law will be a risky subject, tomorrow suppose there is a problem between you and your wife, your mother in law may turn against you and you will stand losing your hard earned property. Suppose you gift your property in your fathers favor, you have to make sure that he is bequeathing it back through a Will and that will happen only after his sad demise. But being your father, he becomes a close relative, so what if the company does not recognise the transaction?, further since your company is already in the knowledge of your property outside, your proposed transaction may be considered by your company as an intentional one, then what is the company rejects or order you to vacate the quarters?, better think about all the possibilities and then decide.
