Gift deed
J Shah
(Querist) 28 September 2016
This query is : Resolved
I am a resident of mumbai, maharashtra.
I had a tenancy rights in a flat at mumbai.
I had entered into agreement with developer/builder wherein I had to surrender my tenancy rights and he will give me flat on ownership basis.
currently the developer has given me flat which is not as per agreement so therefore i have taken possession of the said flat but not signed the new agreement and currently i am on the procedure to file a case in consumer court.
I am senior citizen and 83yrs old.
i would like to know whether i can make a gift of my benefits/interest in the agreement to my son.
or what can i do so that in future my son does not face any problem.
i have taken possession of the flat but i have not entered into agreement to take ownership of the said flat as its not as per agreement.
so what can I do so that directly after settlement of dispute the property gets transferred to my son?
Raj Kumar Makkad
(Expert) 28 September 2016
Yes. You can definitely gift your rights by way of registered gift-deed.
It shall be good if your son is also involved in the agreement being executed with the builder as an attesting witness and a term may also be inserted in the said agreement that your son shall inherit you in case of any such eventuality to which you are indicating.
Kuummaar AS
(Expert) 29 September 2016
Of the basic conditions for gift, the property should be an existing one and not a future property i.e. property should be identifiable at the time of gift. Further, Stamp duty of applicable value has to be paid for registration of Gift Deed.
In the instant case, you have said that "i have taken possession of the flat but i have not entered into agreement to take ownership of the said flat as its not as per agreement.
Without ownership, how will you be able to gift?
Raj Kumar Makkad
(Expert) 29 September 2016
The tenancy rights are existing which further are being converted into ownership of property on certain conditions so such rights which as on day of gift are existing, can very well be gifted.
The Supreme Court has now held that there is no distinction between the statutory tenant and contractual tenant. Both are protected under the rent control legislation.
Rajendra K Goyal
(Expert) 01 October 2016
Agree with the advice from expert raj kumar makkad.
Raj Kumar Makkad
(Expert) 02 October 2016
The right of tenancy which further provides ownership right is a valuable right which can definitely be bequeathed by way of will.
