Deed of Settlement

C R RAMANATHAN (Querist) 24 June 2010 This query is : Resolved
Dear Sirs:

My sister has a flat in Chennai worth about 8 lakhs, that is her only asst/net worth. She is the heir to that property consequent on her husband's demise and since she has no issue. The Flat was purchased by her husband while in service through a bank loan.

I am taking care of her from the time of her husband's demise. She wants to give that off to me or my son/daughter after her life time. She willlive in the house
till her life time and I will finance her for sustaining her. That is the thinking.

Query:

1. Can she write a Deed of settlement in my favour and get it registered.
2. Is Deed of settlement in this case applicale as under "Family"? Some say it is not so in Tamil Nadu; but ok in Karnataka.
3. If Deed of Settlement is not applicable ; can we go in for a will ?
3. In either case what is the Stamp duty and Registration fee?
4. Can I will it to my son or daughter after my life time.

Thanks for your advice in anticipation

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