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Jagannathan (Manager)     26 November 2014

Property proceeds

Sir

I am aged 61 and we are 5 brothers i am 3rd.During 1982 only my elder brother was married.I was earning since 1972 and lead the family till 1986.A property was purchased in my name during 1982 by the earnings of all my two elder brother and  me.similarly property was purchased in 1983 in the name of two elder brothers and property purchased in the name of my father in 1984-all from our earnings.-At  the time of purchase of these properties except my elder brother all were bachelors.

Every one got married and started living seperately. In 2007 my elder brother wanted the property purchased in my name. In order to avoid income tax problems etc, he asked me to give as gift and he would pay  the due share of me seperately. But no written agreement between me and my elder brother.I gave the property as gift , and gift deed was prepared and property transferred to my elder brother name in 2007

But my elder brother did not pay any money to me till date after transfer of the property in 2007 .Is there any legal remedy for my case.

Kindly advise me

Thanking you

V Jagannathan

 



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 2 Replies

adv.raghavan (Advocate,9444674980)     26 November 2014

If the deed is conditional yes you can give a try, if not it is futile exercise. Better get it resolved amicably.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     26 November 2014

Gifted property  transfer is irrevocable. Once the property is gifted, it belongs to the beneficiary and you cannot reverse the transfer or even ask for monetary compensation.If there is no written deed for money recovery, you cannot do anything except mutual understandings.


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