Phani 29 December 2023

Gift deed and clear titles

My great grandfather wrote a will that said my father would get life interest on a property but no rights to sell/gift the property. After he passes on naturally I will fully inherit the property and I will have full rights on it. I would like to sell the property currently, would it be possible for my father to transfer his life interest onto my name and then gift me the property so that I can sell it to a third party currently? (My father is still alive). If not directly, are there any workarounds for this?

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T. Kalaiselvan, Advocate (Advocate) 29 December 2023

As per the Will your father is the first beneficiary cum owner of the property of course with limited interests in the property, i.e., he can enjoy the property for his whole life without having powers to sell the same.

However if your father would like to relinquish his rights in the property towards his life interest, he can execute a registered rlease deed relinquishing his rights in your favor after which you can sell the property at your will.

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Phani 30 December 2023

Thanks for answering. A quick related question - is it possible to cancel/void a gift deed if both parties are willing? And additionally, is it possible to register an ammendment to an existing gift deed?

T. Kalaiselvan, Advocate (Advocate) 30 December 2023

If both the donor and donee agree to cancel the gift deed by executing a joint cancellation deed within three years from the date of executing the gift deed, then it is possible.

Same is the answer for rectification deed also