Transfer of property to minor as a gift

Baseer (Querist) 10 November 2010 This query is : Resolved
Hi,

I wanted to transfer my property to my son as a gift. It is a independant house with G+2floor, which my father has gifted to us. Ground floor on my sister's name, First floor on my name and second floor on my brother's name.

I want to understand if i can transfer my portion to my son who is just 4 years and want the power of attorny on my wife's name. And one's my son become Major/adult the complete ownership lies with him.

After the property is transfer on my son's name if i want to sell my portion to other member what will be the procedure?

Is it possible to cancel the gift after i transfer the property?

Your advise are much appreciated!!!

Regards,

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Adv Archana Deshmukh (Expert) 10 November 2010
Once you transfer the property to your son by the way of gift, you cannot sell it to any other person, i.e you cannot cancel that gift. so if you think you may need the property at some point of time then better not to transfer it at this time.

M.Sheik Mohammed Ali (Expert) 10 November 2010
READ THIS SEC IN T.P.Act 126. When gift may be suspended or revoked
The donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor a gift shall be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be.
A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.
Save as aforesaid, a gift cannot be revoked.
Nothing contained in this section shall be deemed to affect the rights of transferees for consideration without notice

s.subramanian (Expert) 10 November 2010
Adv Archana is right.

Uma parameswaran (Expert) 10 November 2010
Here donee is minor and mother is having power of attorney. The nature shall be depends upon the Power of Attorney.