This is regarding possibility of cancellation after mutually giving 'gift of deed' (Dhana setlement).
The region is Tamilnadu.
A house & a land jointly owned by Mr. X (Father) and Mrs. Y (Mother). The property is purchased by their own income. They have two children, a boy and girl. Bother are major now and both are married.
Mr. X (Father) died in a accient few years before. But he has not made any documentation for partitioning of the properties (said property also).
Now, the son needs the land and daughter needs the house. After mutual understanding, mother and son gave 'gift of deed' for the house to the daughter & mother and daughter gave 'give of deed' for the land to the Son. (their respective parts). This happened during May 2015.
Now the question is, is there any chances or possibilities, the 'deed of gift' might / possibility of cancellation by anyone of above. As per present law, the cancellation of 'gift of deed' is applicable?
or is there any time span for the same?
Requesting your valuable view and inputs please.