Gift Deed

Querist : Anonymous (Querist) 08 March 2010 This query is : Resolved
Hi all,

I own a property purchased in my name under home loan from LIC. The property is in my name and I'm paying away the loan EMI on a monthly basis. Now I would like to gift the said property to my parents.Is this possible?. I'm still single. If yes how is this possible. ?
Alternatively can I transfer the property at a later date once the home loan is completed even if I'm married at a later date. Will there be a problem in executing the gift deed post marriage?

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A V Vishal (Expert) 08 March 2010
You can do either way not a problem.

Kumar Thadhani (Expert) 08 March 2010
YES YOU CAN GIFT NOW AT PRESENT OR ALSO IN FUTURE WHENEVER NEED ARISES OR WHENEVER YOU WISHES

Raj Kumar Makkad (Expert) 08 March 2010
Perform this noble cause as earliest as possible and there is no legal hurdle in the light of given facts.

Parveen Kr. Aggarwal (Expert) 08 March 2010
Although you can execute a gift deed during the currency of the loan as well as after making payment of the entire loan amount yet in the former condition you will have to get permission from the creditor LIC to whom the property stands mortgaged as security for repayment of loan amount. Also your parents will have to execute documents in favour of the LIC to the effect that the property shall remain charged to the LIC till the repayment of the entire loan amount.

Legally there is no problem in executing the deed of transfer after your marriage.

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