Reg gift deed revoke
Balakumar
(Querist) 14 January 2014
This query is : Resolved
I have filed a divorce petition in family court bangalore. during mediation we both agreed that to transfer my flat to her as permanent alimony through gift deed. I did a gift deed registration to her name but the property is under mortgage and also she agreed to pay the remaining emi after the gift deed registration. but now bank is not ready to transfer the loan to her name.Now she is ready to transfer the property again to me and decided to take permanent alimony in some other way, How to revoke the property either she will re gift to me or cancel the gift deed. i have attached the registered gift deed soft copy.
ajay sethi
(Expert) 14 January 2014
once gift deed is registered in her name she becomes abslout owner of the property .
gift deed can be cncalled with mutual consent of parties .
cancellation deed has to be executed by the donor and donee .
Rajendra K Goyal
(Expert) 14 January 2014
Prepare cancellation deed and get it registered.
Guest
(Expert) 14 January 2014
I endorse the views of both the experts.
But please don't forget to give appropriate remarks of cancellation in the original gift deed giving clear reference to the cncellation deed and date thereof.
Devajyoti Barman
(Expert) 14 January 2014
The gift can not be revoked. It has to be gifted back to you by your wife.
Guest
(Expert) 14 January 2014
Since the gift is a type a contract between the husband and wife in lieu of compensation for separation, I am of the opinion, the same can be revoked under sec.126 of the TP Act. Experts may like to express their views on my perception.
T. Kalaiselvan, Advocate
(Expert) 14 January 2014
Section 126 of TP Act says that 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be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.
But how far this is applicable to this subject is to be interpreted.
Guest
(Expert) 14 January 2014
Because the revocation does not depend upon at the mere will of the donor, but on the mutual consent of both the donor and the donee.
Devajyoti Barman
(Expert) 15 January 2014
Well, I do not think section 126 has any applicability in this.
Balakumar
(Querist) 15 January 2014
Thank you all for your reply. Now she is ready to sit with one more mediation on 20th January in family court and stating that in memorandum of settlement, due to bank is not ready to transfer the loan to me so that i am returning back this property to him (agree to cancelling the gift deed) and taking new settlement in the form of cash.
After filed the Memorandum of settlement with above points in family court, we both going to register office to cancel the gift deed.
Please advice shall i proceed in this way? Is there any problem will come for my property (in future at that the time of selling this property) after getting divorce in this way?
ajay sethi
(Expert) 15 January 2014
dont make any cash payments . all payments by cheque only
Devajyoti Barman
(Expert) 15 January 2014
The gift can not be cancelled. I am not sure why you are repeating the same thing.
You wife will have to make a return gift to you which is not cancellation.
R.V.RAO
(Expert) 16 February 2014
i agree with sri Barmanji that gift cannot be revoked, being an irrevocable and regd.document.
just like sri ajaysethiji said, no cash ,pay by cheque to build proper evidence of payment record for any future need.
