Settlement deed

Querist : Anonymous (Querist) 22 September 2011 This query is : Resolved
can we create life interest under settlement deed.how settelement deed differs from gift deed.

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ajay sethi (Expert) 22 September 2011
'1)gift' means the transfer by one person to another of any existing movable or immovable property made voluntarily and without consideration in money or money's worth, and includes the transfer of any property deemed to be a gift under Section 4;

2)The Donee must accept the gift, or if the Donee is unable or incapable of accepting the Gift, someone must accept the Gift on behalf of the Donee. Such acceptance of the Gift must be made during the lifetime of the Donor, and while he is still of such mental capacity as to be capable of giving

3)a setlement deed is disposition of immoveable property in writing made by settlor in favour of settlee for purpose of distribution of property among those he wants to provide for or his family members
or for any religious or charitable purposes

differnece between settlement deed and gift deed

1)gift deed is abosolute transfer of moveable or immoveable property in favour of donnee . property vests in donee.

in settlement deed it is transfer of immoveable property subject to certian conditions . in event conditions are not fulfilled it can be revoked

2) settlement deed may be done in case of dispute . whereas gift deed is out of natural love and affection

3) in gift deed there is no consideration whereas in settlement dee3d there may be consideration

Querist : Anonymous (Querist) 22 September 2011
thanks sir

Raj Kumar Makkad (Expert) 22 September 2011
I do agree with Sethi.

Sailesh Kumar Shah (Expert) 22 September 2011
i endorse the views of Mr. Ajay Sethi.

prabhakar singh (Expert) 23 September 2011
Settlement is a multidimensional word and may refer to consolidation of soil or land by state,may refer also to a community settlement to refer a place where group of people live,it may refer to accounting in matters of financial give and take,and to a litigation while two or more parties are found to have conflicting issues in respect of there rights.

As you have asked it with reference to gift,Mr.Sethi has rightly guessed,it to be related to dispute regarding rights.By a settlement one can on the basis of mutuality either receive or give up rights in lieu of "something called consideration from one to another".
In gift such is not the case.It does not arise out of any dispute between donor and donee rather it is an act of unilateral decision of donor arising out of natural love and affection(without consideration)
BUT to make it complete law requires its ACCEPTANCE on the part of donee by taking over physical possession of the stuff being gifted by donor.

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