what is meant by settlement transfer.
I would like my property(an apartment in chennai) to get transferred to my daughter automatically after my death.
The property is at present jointly owned by me and my wife.
What is the procedure to be followed?
TRB
My mother was a owner of a flat in Karunamoyee housung society at salt lake area and was passes away in the year 2013.Now I want to introduce my name in place of my mother's name in a flat/ apartment in salt lake area and in karunamoyee housing society kolkata 700091.What is the procedure to change the ownership and where should I apply for this matter.
Balasubramanian, You have 3 options
01. You can execute will as told by Mr.Kapil
02. You can execute Gift Deed in favour of your daughter
03. In case if any one dies i mean you or your wife [don't mind] the living person will be the owner of the property, after the death of that person your daughter can produce the death certificate of both the property owners and can get the katha in her favour. It differs from Government employee.
For 3rd one it's better you consult local advocate, may be that changes from state to state.
Mr.Banjerjee, you can transfer the ownership of the property by producing the death certificate of your mother.
I agree with Mr. Naveen Kumar's views, you may follow them as it appears to be feasible.
If property is jointly owned, both you and your wife can will it to your daughter. When one parent passes away, his or her share goes to the daughter, as per the will, and not to the surviving parent. After both the parents pass away, the daughter automatically inherits both the shares.
However, if you live in a state where there is discounted tax on gift deed, then it is better to gift it to her now itself, as probate of will is a long and cumbersome process.
You both can go for settlement deed favg your daughter with life interest.
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