Gift deed and partition deed
lakshmi
(Querist) 27 December 2013
This query is : Resolved
Dear Sirs,
Please explain me about "Gift Deed" and "Partition Deed".
I have 3 sons & a daughter. Can I gift my property to one son (First Son or Last son)? Its my self acquired property.
Please explain.
Thanks in advance.
Devajyoti Barman
(Expert) 27 December 2013
Yes, you can give property to any of your children you wish by gift deed.
In your case partition deed has no applicability.
However of you die without any transfer then your children would need a partition deed to divide the property among themselves.
ajay sethi
(Expert) 27 December 2013
yes you can gift your property to your son by a gift deed . it should be duly stamped and regd
R.K Nanda
(Expert) 27 December 2013
agree with experts.
Anirudh
(Expert) 27 December 2013
You have to be very very careful before making any GIFT Deed.
Once you make a GIFT Deed and register the same, then there is no guarantee that the person who gets the GIFT from you will treat you well.
Therefore, it will be advisable to keep the property in your name till your last breath. If you so wish, you can write a Registered WILL in favour of a person to whom you want to give the property.
In the case of a WILL, the same will get effected after your death. Therefore, during your life time, you can enjoy the property without any difficulty.
While the GIFT Deed will involve huge stamp duty (as per sale of property), there is no stamp duty at all in the case of Registered WILL. Further, the will can be modified any number of times, by cancelling the earlier WILL. Such modification is not possible once you make a Registered Gift Deed.
Therefore, you should think in terms of making a Registered WILL instead of making a Registered GIFT Deed.
Rajendra K Goyal
(Expert) 27 December 2013
Well advised by the expert Anirudh ji agree to it.
Devajyoti Barman
(Expert) 27 December 2013
Deed of gift takes effect immediately whereas Will needs to be Probated in most states in India after death of the maker of Will.
Moreover while taking of Probate of Will the beneficiary needs to take NOC from his other siblings which makes him vulnerable to their pressure tactics as without consent of other legal heris the taking of Probate of Will may take decades of time.
So if you do not wish to put your favoured son in future trouble do execute Gift which is almost immune from challenge in court of law.
Guest
(Expert) 27 December 2013
In the case of Gift Deed there is an expensive stampduty which is only 1 or 2 % lesser than sale deed.In the case of will there is Probation Court formalities in future.I would suggest you could make a Settlement Deed in the favour of the son whom you prefer.There is only a fixed fees for it irrespective of property value.Altogether should be less than Rs.30000/-all inclusive.For your safety and security as cautioned above you could include a clause in the Settlement Deed confirming it is the particular person's responsiblity to take care of parents in all aspects and any further conditions could be included in it and options are more in Settlement Deed.Consult a Lawyer and decide
