Gift settlement
Querist :
Anonymous
(Querist) 23 September 2011
This query is : Resolved
Sir,
I am purchase of an plot. A Gift settlement registered to his first son from father on 1981, after that 1.10.1991 father cancelled this gift settlement and registered.Witness signed by first son mother and his brother in both deed. and again gift settlement to his second son registered. At the same date a acceptance letter received from his first son.
I have a doubt
1. The cancellation of registered gift settlement is valid or not?
2. Acceptance of letter from his first son (first beneficiery, not registered) this is valid or not?
3. I can avail bank loan?
Bank lawyers told to me that the cancellation of gift settlement not valid. so that bank loan cannot be availed.
Ple.advice
A.K.Saravavanan
saranaks@gmail.com
M.Sheik Mohammed Ali
(Expert) 23 September 2011
once gift property transfer to any one could not revocable unless as per law, if first son can transfer to 2nd son by way of gift again, but the owner could not transfer.
ajay sethi
(Expert) 23 September 2011
bank has correctly advised you that cancellation of gift settlement is not valid . if in 1981 father has made gift to his eldest son by registered deed and gift was duly accepted by eldest son said gift is irrevocable .
father cannot after 10 years by cencellation deed cancel the gift made to eldest son .
avoid purchasing said property .
Shastri J.K.
(Expert) 23 September 2011
I agree with Experts.
Guest
(Expert) 23 September 2011
Cancellation of a gift deed, even after a single minute of the execution and delivery, is not calid, what to say of cancellation after 10 long years.
The observation of the Bank lawyers is quite right.
prabhakar singh
(Expert) 23 September 2011
I do not know under whose advise you have been acting so far and what has led you to come to us,if Bank or its loan,then objection by bank is correct.
I have no opportunity to see the deed,however it is clear that a transfer made by a registered deed can not be cancelled unilaterally without a decree of court .REVOCATION OF GIFT IS AN OTHER MATER WHICH MUST NOT BE CONFUSED WITH CANCELLATION,REVOCATION RESTRICTED TO CIRCUMSTANCES LAID IN TPA.
The uncomplicated way to do this transaction was that once it was gifted to elder son and by second thought proposed to younger son,an other gift from elder to younger[as elder had no objection]could have really solved all legal problems.
In existing circumstances unless you attach all the deeds for perusal,no opinion there on can be expressed with certainty.
