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Ramanan (IT Consultant)     25 April 2013

Property registration

I am purchasing a property and registering the sale deed in my name + my wife + my father in-law's name. All 3 of us will be joint owners of this property. However, we are including my father-in law in sale deed just to enable him avoid capital gains that he earned from sale of another property. We will however re-pay his contribution fully on the property we are currently purchasing and this is acceptable to him. However, my father-in law also has a son and a daugther (2 other siblings of my wife) and they are not interested in this property since we will settle the entire contribution towards purchase of this property. However, to safeguard our interests, would this be sufficient to register a will by our father-in law conveying the property as a gift to my wife so that we do not have any issues when selling the property ? Would me & my wife be able to sell the property without any issues later (say 10 - 15 years down the line) and if my father-in law is not around at that time and would his will suffice to enable us to sell property without getting any consent / approval from my wife's 2 siblings ? Is it ok if only both of us act as signatories in selling the property ( assming my father-in law has registered a will & conveyed the property in my wife's name).


 3 Replies

Adv Archana Deshmukh (Practicing Advocate)     25 April 2013

Your father in law can create a Will in favor of your wife and that will be sufficient to safeguard your interest in the property. However, the Will is operative only after the death of the testator. During the life time of your FIL you will need his signature for selling the property.

ABHIJEET PARIKH (Bcom LLB MBA)     25 April 2013

As Archana madam said that WILL comes into effect only after death

But during the Life time of FIL it would be advisable to take irrevocable POA in your favor

that would enable you to sale that Property

Ramanan (IT Consultant)     25 April 2013

thanks for the reply ...that was greatly helpful !.

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