Hariharan (software engineer) 29 August 2013

Gift deed

Hello Sir/Madam,

Let me give you the details in points for my question,

1] One of my friend did a gift deed of her property to her mother, where as the property is still on bank loan

2] Her mother passed away recently and her father is alive

3] She has one brother and one sister

4] My friend is married

5] Hindu Family

My questions are,

*] Since the gift deed taken person(Mother) passed away, now the property shared among her family or will automatically come back to my friend name?

*] Does the gift deed valid when the property is on loan?

*] If the gift deed made is illegal/not correct, how to revert it?

Expecting your valuable replies

Thanks in Advance

Regards,

Hariharan

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1 Replies

Srinivas (Director) 05 September 2013

Once gifted and was accepted, the property will belong to the mother. After death of mother, it will devolve upon the legal heirs in the absence of a WILL.

If there is a loan with property as surity, the bank will have rights over the property if loan is not fully paid. They can contest the gift deed as void & fraudulent if loan is not fully paid. There should be a settlement with Bank if Gift deed is not to be contested.

good luck