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katheresan (none)     19 October 2022

Can i gift a property that i acquired through release deed?

My Grandfather bought a property in 1942 and he died on 1952. In 1958 my Grandmother died. My father was the only legal heir and the property was in his possession. He sold some portion of the property during his lifetime and later in 1999 he died intestate. My dad's legal heir include a son(myself), 3 daughters and his wife. In 2001 I got a release deed from My 3 sisters and my mother in exchange of money (a sum of 20 lakhs) and the deed is registered in favor of my name. Now I'm planning to gift a portion of the property to my wife. My question is whether this property is considered as a self acquired property in my hand or it is still a ancestral property ? Can I gift a portion of the property to my wife without getting the permission from my son and daughter? The above said property is in Tamilnadu. 

 



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 4 Replies

Dr J C Vashista (Advocate)     19 October 2022

Yes, it is self-acquired in your hands which you can dispose through any convinient mode of transfer of subject property.

1 Like

katheresan (none)     19 October 2022

Originally posted by : Dr J C Vashista

Yes, it is self-acquired in your hands which you can dispose through any convinient mode of transfer of subject property.

 

Advocate Bhartesh goyal (advocate)     19 October 2022

Yes, since you became absolute owner of property so you can gift or transfer the property to any one as per your wish.

1 Like

katheresan (none)     19 October 2022

Thank you Dr.J.C. Vashista and Mr.Bhartesh goyal for your valuable and timely reply.


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