Vaibhav Sonavane 06 January 2016
I want to gift my flat (currently in my name) to one of my sons but the housing society should transfer the ownership only after my death. I don't want to make a will as it might get challenged by my other sons as it is an ancestorial property but also I don't want to be under the psychological fear of living with no assets in my name.
Please let me know if I can make a gift deed in which the flat ownership will be transferred to one of my sons after my death.
jagannath magar 06 January 2016
naresh A Mr. (Others) 06 January 2016
I guess you can use a settlement deed retaining the life interest in this scenario. In the settlement deed you can settle the said property in your sons name and retain the life interest, in which case the property will become your son's only after your demise.
I am no legal expert or lawyer, but my father used a settlement deed for his property....so from that experience I thought this might fit your scenario. However please do some research on the internet and consult a lawyer to find out if it will be useful.
Since you state it is an ancestral property I guess all you children still might be able to challenge it....in this scenario I am not sure.....so again please do consult a good lawyer.
Kumar Doab (FIN) 06 January 2016
In case of ancestral property you can't gift/WILL more than your share.
It shall certainly be better to consult local lawyer.
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 06 January 2016
Gift deed can be done when the parties are alive.
anshula (a) 06 January 2016
In my opinion, firstly, the property being ancestral property, all your children/grandchildren if any will have an undivided share in the property. You have right only over your undivided share in the property which can be ascertained by way of partition of the property. Further, as per the Mitakshara law, no coparcener can dispose of his undivided share in ancestral property by gift or otherwise. However a gift can be made only with the consent of other coparceners.
Secondly, if the transfer of property will take place only upon the death of donee, it will come under the realm of testementary succession and constitute a will.
However, it will have to be examined whether the property is ancestral property or not.
Regards,
Advocate Anshula Grover
moore drake 10 January 2016
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