Gift by nri son to his mother by way transfer of property

Querist : Anonymous (Querist) 15 March 2021 This query is : Resolved
My son and me own a flat in Chennai which we bought in 2006. In 2013 we executed a conditional deed of settlement where the property will be managed by me (father), collect all rent and pay all taxes including income tax on rent until my demise and thereafter my rights will be transferred to my wife(mother) till her death. Only after the demise of both of us, the property will be inherited by my son. This settlement deed is registered.

Now my son wanted to gift his share in the property to his mother and relinquish all his rights over the property and allow his parents to rent/sell or enjoy and do whatever they want. They can even bequeath this property to any one of their choice or create a will as they like.

What is the procedure for doing this.

Thanks
D M Chinnappan

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Quick Summary

A father and son jointly own a flat in Chennai, with a conditional settlement deed in place. The son wishes to gift his share to his mother, allowing his parents full control over the property, including selling or bequeathing it. Experts suggest the son can execute a registered gift deed in favour of his mother. Alternatively, if the initial deed was conditional, a revocation deed might be necessary before the son gifts his share. A family settlement deed is also a viable option for transferring the joint property to the mother.

SHIRISH PAWAR, 7738990900 (Expert) 15 March 2021
Hello,

As per my opinion, the son can execute the gift deed in favour of his mother. After the gift deed, the mother and father will be the owner of the flat and they can rent out the property and execute the will or transfer the flat to any other third person as per their wish.

Advocate Bhartesh goyal (Expert) 15 March 2021
Yes, son can gift his share in property to his mother by registered deed. thereafter parents of son have right to transfer the property as per their wish.

kavksatyanarayana (Expert) 15 March 2021
You executed a conditional Gift deed to your son for your share only. So you and your son shall execute a Revocation deed (usually called a cancellation deed). And your son has to execute a Gift deed to either his parents for his share. After that, you can do as you wish.

krishna mohan (Expert) 16 March 2021
Since the property is at the moment joint property, both of you can gift the same through a family settlement deed duly registered in your wifes favour. Your son will inherit in the event of the property still available unsold when your is no more. Your share ofcourse you can gift to your son.

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