Type of deed
Kalyan Ghosh
(Querist) 31 August 2013
This query is : Resolved
Respected Sir,
I am 66 and have only one son child with his family of my daughter in law and one my grandson(4 years).I have excellent relations with them.My son is big executive at a MNC and remains very busy.Moreover he is not at all property conscious.I wish to transfer everything in his favour during my life time,so that he has not to face any hardship.For Bank A/Cs and Fixed Deposits my son is either a Joint Holder or Sole Nominee.
To my knowledge there are some options.
A)Gift Deed,B)Relinquishment Deed,C)Deed of Conveyance.Which one is the least cumbersome and least costly?
One civil lawyer dealing with property deeds has suggested that as my son is the only legal heir of my properties(My wife is not a factor ,she is as as kind to my son as well)simply by submitting one Affidavit before a First Class Magistrate will enable him to acquire the property.Whether the Hindu Succession Act allows this?Please help
Anirudh
(Expert) 31 August 2013
Dear Mr. Kalyan,
66 years is not a big age.
As you said that you have only one son, in case your wife also survives you besides your son, then both of them will be legal heirs and would inherit WITHOUT ANY DIFFICULTY the property that may be left behind by you. YES HINDU SUCCESSION ACT ALLOWS THIS. In fact, your wife and son have to obtain legal heir certificate from the Tehasildar concerned and on the basis of the said legal heir certificate, they will get the property mutated in their names.
So for this sake, you need not think in terms of the various options contemplated by you like GIFT Deed etc. Gift deed in fact would involve hefty stamp duty as though the property is being conveyed to your son.
Therefore, please keep cool. You need not do anything. If you still wish, you can write a Registered WILL. By this will, you have to bequeath the property first in favour of your wife (incase she survives after you) for her life time, and then in favour of your only son. This will not involve any cost. In fact it will involve very nominal cost. Lead a very peaceful and worryless life.
ajay sethi
(Expert) 31 August 2013
agree with anirudh . dont execute any gift deed /relinquishment deed or conveyamce deed . make a will in favour of your wife .insert a clause in said will that in the vent your wife predeceases you the property shall devolve on your son
