Gifted property and will
Bashin Raj
(Querist) 21 July 2017
This query is : Resolved
My mother gifted a property (30 cent) to me in 2012 through a gift deed. The property was self acquired property of my mother. After that my mother, my brother and I jointly built a home in that property (money shared but not equally 50% is my share). There is a home loan too jointly with me and my brother. I have another share of property also. That is my father's ancestral property share, he is died. Now we all three and my wife are living in the house we built. I have a sister also. Now I would like to will the property got me as gift (with the home) in the name my brother and sister and the father's share (50 cent) into my wife's name.
I would like to know whether a will can be executed on a property got as gift. That too to my brother and sister at the time my mother is alive. Whether a will can be executed on a property with home loan.
Kumar Doab
(Expert) 21 July 2017
It is believed that you are all Hindu and gift by mother was by a registered gift deed and it was accepted by you.
The property left was father was self acquired or ancestral? Has it been partitioned by boundaries?
Confirm!
Kumar Doab
(Expert) 21 July 2017
Subsequent to registered gift deed and acceptance of gift by donee the gift is complete and confers title with immediate effect.
You have a transaction of 50 % of home loan paid by your relatives and 50% of the construction cost.
Why don’t you include and clear these expenses having been paid back and/or settled by you.
Gift is without consideration.
Kumar Doab
(Expert) 21 July 2017
WILL can be signed on property under home loan.
In case of Gift since it may lead to alienation of title, the lender may not agree and may treat it as breach of trust…………and it is against borrower(s).
Gift is without consideration.
Kumar Doab
(Expert) 21 July 2017
Succession opens on death of owner.
If suitable and acceptable within family you may go for partition deed (with boundaries) of ancestral property left by father, if it is ancestral.
You may dispose your share thereafter by WILL.
If it was not ancestral and was self acquired then it shall devolve equally upon his mother (if alive as on date of his death), wife (since she is alive as per your post), sons and daughters……………….
You can dispose upto your share only By WILL.
Rajendra K Goyal
(Expert) 21 July 2017
After gift you are owner of the property, you can bequeath the property.
Kumar Doab
(Expert) 21 July 2017
If WILL is your choice.....
Try to clarify that the share with boundaries is given to ............... and to..................since they have spent on building/construction...............and loan payment.............and let them sign on WILL.
Register the WILL preferably.......
It is secured asset so 1st charge on property is of lender until home loan is fully paid...............even if title holder has left a valid WILL.....
