Ajay Gehi (Partner) 23 July 2012

Will or gift deed

Dear Sir

Facts:

This is regarding a Flat in Mumbai which belongs to a building which is not registered as a cooperative Society. Although, It is Ownership system.

The ownerof the flat is the mother through a succession certificate received by the court, Staying with her husband and unmarried son. She also has a married daughter residing with her husband elsewhere.

The query is

In order to give away the flat to the son what could be the best method? Whether it would be a gift deed or Will? Request you to provide the pros and cons of each alternative and oblige.

Regards

Ajay gehi

Reply Follow

5 Replies

Adv Archana Deshmukh (Practicing Advocate) 23 July 2012

In my opinion Will is the best option. Bcoz gift deed shall transfer the ownership immediately and also requires immidiate registration and stamp duty, while will does not, though it will require probate afterwards. As the mother is living in the house currently, it is better if she keeps the ownership with her till she is alive for her own security and bequeath it to her son after death by a will. Will is effective only after the death of the testator.

1 Like

Gorimaa..B (Law Student) 24 July 2012

yeah m agreeing with Archana mam...

VIJAY MONGA (ADVOCATE) 24 July 2012

I am in agreement with Archana ji but this fact should also be kept in mind that Will is liable to challanged after the death of Testator. Therefore while deciding this question one should look into the consent of mother as to whether she is desirous of transfering the property in favour of her son during her life time or after her demise ?