Father's property


My grandma distributed her property among her 5 sons through will without probate.

After death of my grandma, her all 5 sons are now enjoying their portions with mutation.

Now my father decided to divide his portion among me and my brother.

I came to know that WILL may be changed but GIFT cannot be.

Let me know which option is the safe for me because my father insisting me to repair the entire property at my own cost. I doubt he may change his decision under pressure of my brother.

I suggested my father for a registered Gift.

Expecting your suggestion and opinions for safe and secure property distribution.

Thanks in advance.

P Chakraborty

 

 

 
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subregistrar/supdt.(retired)

as it is an ancestral property all class I heirs will have equal rights over that property. so it is advisable to go for partition.

 
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HELLO, IT IS BETTER TO GET REGISTERED GIFT DEED. IN CASE OF ANY PROBLEMS U MAY FEEL FREE TO CALL ME A.V.PATTANASHETTI ADVOCATE BIJAPUR

 
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Though It's ancestral property, your father is dividing only his portion allotted  TO HIM, so he is at liberty to dispose it off by will or by registered gift deed. He is advised to transfer his portion through a registered gift deed to avoid tax implications for his as well as for you, two brothers.If you wish to thank me for this reply please click the thank you button on this forum.

 
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Advocate,9444674980

if your interested in his property now itself go for settlement deed, if you wants after his time go for WILL.  GIFT DEED is not advisable.

 
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You should go for a Gift Deed as it would be binding from the day it is executed, whereas a registered will can be revoked or changed by your father at any  time before his death. Moreover, in case of a registered Gift Deed, you would immediately become the owner, whereas if the father leaves a registered will, you will become the owner, only after his death. However, you will have to pay stamp duty @ 6% and registration fee @ 1% for the registration of Gift Deed in Delhi while no Stamp Duty is payable on the registration of a Will.

 
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You should go for a Gift Deed as it would be binding from the day it is executed, whereas a registered will can be revoked or changed by your father at any  time before his death. Moreover, in case of a registered Gift Deed, you would immediately become the owner, whereas if the father leaves a registered will, you will become the owner, only after his death. However, you will have to pay stamp duty @ 6% and registration fee @ 1% for the registration of Gift Deed in Delhi while no Stamp Duty is payable on the registration of a Will.

 
Reply   
 

You should go for a Gift Deed as it would be binding from the day it is executed, whereas a registered will can be revoked or changed by your father at any  time before his death. Moreover, in case of a registered Gift Deed, you would immediately become the owner, whereas if the father leaves a registered will, you will become the owner, only after his death. However, you will have to pay stamp duty @ 6% and registration fee @ 1% for the registration of Gift Deed in Delhi while no Stamp Duty is payable on the registration of a Will.

 
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