Gifting of mortgaged property

Querist : Anonymous (Querist) 01 January 2011 This query is : Resolved
Dear experts,
I would like to know, whether a person can gift a property which is already mortgaged to a bank.

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B K Raghavendra Rao (Expert) 01 January 2011
Mortgaged property could be gifted subject to loan liability.

Khaleel Ahmed (Expert) 01 January 2011
Gift is a transfer of owner ship rights with physical possession. Property to be gifted should be free from all encumbrances and leins etc.In your query property is already mortgaged to bank ,such property can not be given in valid gift.

Swathi S Bhat (Expert) 01 January 2011
Yea! I agree with the opinion of Mr.Khaleel Ahmed.

adv. rajeev ( rajoo ) (Expert) 01 January 2011
It can be gifted, but encumbrance goes with the property.

A V Vishal (Expert) 01 January 2011
Please refer S.127 & S.128 of TP Act, the gift is valid.

Kirti Kar Tripathi (Expert) 02 January 2011
it can be gifted and the liability on property will also pass to the donee.

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