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bangalore   05 May 2016

Property Concern that I have Invested

I am Hindu and from Bangalore. I seek guidance/advice on an ongoing situation regarding few acres of land I bought in 2010 under my mother's name.

I have lived abroad for many years and only returned back 3 years ago. While I lived abroad me and my father mutually agreed to buy few acres of land as my investment for future business plans in agriculture. We bought this property in 2010 under my mother's name, as I was not able to travel at that time for registration. Also back then I very well trusted my parents and elder brother. I paid for 70% of property by making wire transfer to my elder brother's account for this purpose, rest 30% my father arranged by taking loan from my younger brother (through bank) which I also have repaid in certain portion.

My parents have soft corner towards my elder brother, who is 38 years & till date has not been responsible, on other hand myself and my younger brother are doing well in our careers. So my elder brother & his wife are emotionally steering my parents (who already have been given a house to stay) to get properties (via WILL or Transferred/Registered) in their names including this land that I have financially invested almost fully. 

From reading on this forum and online, I gather that my Mother can write Will  or Gift deed to anyone. Knowing that, Questions I have and also seeking below or other options to proceed as I don't want to lose this hard earned investment into the property:

- If I can, I want to mutually agree with my parents get this in gift deed in my name (not so much concerned about other properties my father has bought through his funds)

- Can I prove that as I made this funds transfer & paying my younger brother's loan, the property ownership belongs to me? Or if Will is made not in my favor, can I fight it?

- What other options are there in situations like these where parents are blind eyed to few sons but for emotional reasons try to support the one son in every which way. 

Thanks ahead and look forward to your response.

Regards,

Suresh



Learning

 11 Replies

Kumar Doab (FIN)     05 May 2016

Amicably and ac ross the table, may be with the intervention of elders, or by your own skills, you can arrive at any decision...............................including but not limited to vaild and registered Gift/sale deed etc. 

Registered family settlement deed is another option. YOu may preferably narrate the facts and history in the deed and one and all may sign as witnesses.

 

Since you are apprehensive avoid WILL that can be changed as number of times before death.

 

If nothing works you can claim your monies back within period of limitation.

 

If nothing works engage an able counsel.

 

 

 

1 Like

bangalore   05 May 2016

Originally posted by : Kumar Doab

Amicably and ac ross the table, may be with the intervention of elders, or by your own skills, you can arrive at any decision...............................including but not limited to vaild and registered Gift/sale deed etc. 

I have approached with Gift deed suggestion, for which my parents are not ready as of now, maybe I should approach with traditional way of settling with intervention of elders as suggested by you. Reason they give is that all other property settlements (in total 6) have to be done altogether, which cannot be mutually agreed at this time.

I have plans to start investing in this land for greenhouse or something of that sort and start a businees, but don't want to put any further money into it. So it is a dead investment, while I still pay rent for the apartment I live in.


Registered family settlement deed is another option. YOu may preferably narrate the facts and history in the deed and one and all may sign as witnesses.

 Thanks for this suggestion and might work. As we are 3 brothers, should all of us sign on this family settlement deed with witnesses (elders/family members)? 

How should this be done, please elaborate.

Since you are apprehensive avoid WILL that can be changed as number of times before death.

I agree WILL may not be a good idea.

If nothing works you can claim your monies back within period of limitation.

The property has appreciated in last 6 years (almost 1.8 times). I will fight for this to make a sale, as I do not even take any benefit out of this land/farm. Actually, it is leased out to a family for 60K/year and my father continues to collect it, as I didnt have interest in that. 

If nothing works engage an able counsel.

Can I make a case with fund transfer documents to prove ownership?

Thanks a lot for the suggestions!!!

 

 

 


(Guest)

you may file a recovery suit to create pressure. 

1 Like

bangalore   05 May 2016

Mr. Arora, at this point my intentions are to amicably settle. But if for some reason this does not go well, I may have to file recovery suit.

Thanks

Kumar Doab (FIN)     05 May 2016

Probably the parents have thought that 2 brothers are well settled and being part of the family shall otherwise also agree that whole estate (even if from monies of 2 brothers0 be used to settle financial health of each and everyone.

 

Family settlement should be signed by everyone in the family nad it should be registered. After this there may not be possibility of any dispute in any forum. Your able counsel can advise further.

 

The fund transfer document is evidence. 

However the recipient might alos think of his version.

 

Your able counsel can advise further.

 

bangalore   06 May 2016

Mr. Doab, I will try and root for family settlement.

 

Although, this is one of the property, together with 5 other (house/commercial) properties in the city. Family health is good otherwise, my father had good career, now retired. So this land/property is not the only source. 

 

My observation is that this is something that happens in the Indian culture, to support (financially and in every which way) the eldest son no matter what happens to other kids who maybe trying to build career/life by themselves. Even worse crush the others dreams. Seeing this happen more and more around me.

Kumar Doab (FIN)     06 May 2016

Include all properties, estate in family settlement.Register it.

bangalore   12 May 2016

Thanks for the suggestions Mr.Kumar.

Kumar Doab (FIN)     12 May 2016

You are welcome.

Rest your able counsel that has examined all docs on record and your inputs can advise you further.

 

bangalore   17 May 2016

Some progress...after talking to parents they agreed to write gift deed i.e. gift from my mother to myself.

 

I have question here. Is gift deed fool proof or can some one in future litigate in court? Is sale deed preferred, pls suggest pros and cons.

 

Regards

Kumar Doab (FIN)     17 May 2016

Engage an able counsel.

Your counsel can draft any deed that you agree so as ot defend your long term interest.


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