Vijay Salaskar (NA) 10 October 2014

Gift deed

My father has given me Rs. 60 Lac to buy new house after selling his 1 BHK flat.
They have given this amount to me as they wanted to stay with me in the same house.
Now we are staying in the new flat.

I have taken this amount through gift deed which is signed by my father and two witnesses on stamp paper.
I have also notarized this agreement.

Now I have few questions as given below:
1) Can my brothers claim on this Rs. 60 lac after death of my father?
2) Can my father ask me to sell the new flat and return his Rs. 60 lac?
3) Can my father write in his WILL to give some money from this 60 lac to my brothers?

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2 Replies

Hardeep (Business) 10 October 2014

No is the answer to all your questions. A gift once given and accepted is irrevocable.

not sure regarding the income tax impact of this - maybe you need to check that out.

V M DAHAKE (PROPRIETOR) 10 October 2014

If Rs. 60.0 lakh has come from self earned income of your father, you need not worry. Rest are if and but situations and you will have to tackle them as and when they arise.