Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

hunnybunny (na)     20 December 2012

Gift deed to mother - any problems?

I have a property on my name with ongoing/active loan. This property was booked by me before my marraige. Because of lack of trust between my wife/in-laws and to prohibit my mother getting vacated from my house in any unfortunate event, I have decided to gift this property to my mother.  

1) Can I execute the gift deed with active loan? Is it necessary to foreclose the property loan first ?

2) Do I need consent of my wife before doing this ? If we land up in divorce, can she claim anything on this property? (currently no legal dispute).

2) When I execute the gift deed, can I do some arrangement so that in case of my mother's demise property will come back to me instead of getting shared among my siblings ?

3) After I execute the gift deed to my mother, can my father claim share in this property from her ?



Learning

 2 Replies

dr g balakrishnan (advocate/counsel supreme court)     20 December 2012

how can you gift loan instalment property, gift by implication the property is free from all encumberances, else your gift is encubered so foreclose loans against the property. if it is self earned, you have every right to gift to any one once gifted you cannot have any liien you shd bear in mind. donne has full right on the property like a self earned property. think before gifting without encumberance!..dr g balakrishnan. advocate (riginal side) Bombay high court rapidanalysts@gmail.com

1 Like

hunnybunny (na)     21 December 2012

Thank you Balakrishnan for your valuable suggestions. In that case I would go ahead and foreclose the loan first.

Can my mother make a registered WILL to avoid any claims from siblings on that property? Generally how much it cost?

 

 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register