LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Ashvin Raina   01 August 2022

How to safeguard an old-aged fathers property when the son is guarantor for the defaulter.


I am a guarantor for the principal borrower in a cooperative bank. The principal borrower is a defaulter. My father is a senior citizen and he has immovable and movable properties. To safeguard these properties, can my father will and testament  or transfer properties on the name of my spouse and children?   



 8 Replies

Shashi Dhara   01 August 2022

Will  of no use ,he can gift.

LCI Thought Leader Adv. Ravish Bhatt, ADIT, CIOT (Dual Qualified lawyer/ Solicitor International Tax Affiliate CIOT)     01 August 2022

If you are a guarantor with no document executed by your father for guaranteeing the loan, property is safe until it comes to you by way of inheritance.   If it does not come to you either by virtue of gift to your spouse or through testamentary succession, the property could not be utilised for recovery in connection with the default that you described. 

Ashvin Raina   01 August 2022

Sir i am worried abount the way of inheritance since father is super senior citizen.

Shashi Dhara   01 August 2022

Let he gift it to your spouse and children .

Ashvin Raina   01 August 2022

Will and testament will not work ? since gift deed incurred more expense.

Shashi Dhara   01 August 2022

In some states  gift for blood relations nominal stamp fee  .

P. Venu (Advocate)     01 August 2022

Have you taken your father into confidence? Ultimately, it is his decision; you cannot compel him to transfer his property to your wife under the pretext of an uncertain contigency incidental to inheritance.

By the way, are you the only legal heir to your father?

kavksatyanarayana (subregistrar/supdt.(retired))     01 August 2022

Is the property self-acquired by your father or ancestral?  If the property is his self-acquired no one has right over the property.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register