My brothers owes me 35 Lacs and he is willing gift his land or flat to me towards the loan. If I take it will there be any problem if his other creditors file a case and ask the registration to become nullified?
kavksatyanarayana (subregistrar/supdt.(retired)) 09 December 2016
do you have any right over that property that means how did he earn that property? and who are other creditors? if your brother is ready to gift, then the gift deed be prepared in Indenture form i.e. yourself and your brother (you shall sign in the document with your brother also).
Adv. K.S.A.Narasimha Rao (firstname.lastname@example.org ) 13 December 2016
Dear Ankit Saha,
If the person gifting is your own Brother, then there will not be any gift tax and if he is a cousin brother, then there will be gift tax to the tune of 30% of the value of the property.
If your brother is having several creditors, then it will be problem in future in case if they know that recently the property is transferred to you to avoid the payments due to them and through court they can declare the property gifted as null and void.