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Pandurang Ksheersagar   01 December 2017

Purchase of property under gift deed

1. Property under purchase is gifted by father to his son, who is a major. Can the Donee sell the same where the Date of Sale of Deed is 30th March 2013 and the date of Gift  deed is 20th April 2016.  Whether any waiting period is mandatory as it is only 1year and 7 months. after making the Gift Deed.

2. A clause in the Gift Deed reads"That the Doner hereby voluntarily transfer and convey absolutely the schedule property to the said Donee to have and to hold the Schedul of property as benificial owner thereof  forever for him self his heirs, assigns or successors and his nominees"  This being the case whether the Donee can sell the property. If the clause restricts the Donee to sell,  whether the clause can  be deleted by way of Amendment to the Gift Deed by mutual agreement of Doner and Donee, (Father and son) in this case.



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 7 Replies

Kumar Doab (FIN)     01 December 2017

Apparently you mean that father (later donor as in query) has purchased the said property by registered sale deed and has later gifted it by registered gift deed to donee (son)!

And now the donee (son) wants to sell it further aftr period of say 3 years of having recieved the gift?

Isn't it?

Which personal law applies in this case say;hindu. 

1 Like

Kumar Doab (FIN)     01 December 2017

Generically speaking and believing that Father and all are Hindu; and based on limited extarct posted by you.............since donee is made beneficial owner and there is no recital on condition on further sale.....................donee might be able to sell.

 

Kumar Doab (FIN)     01 December 2017

'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.

This may cost some FEE but can defend long term interest and hard earned monies.

If you are intended buyer obtain proper legal opinion.

Pandurang Ksheersagar   02 December 2017

Dear Sir/s, thank you for ur prompt reply. The family is of Hindu Religion, and I trust Transfer of Property Act of India applies.

Actually, the date of Sale Deed is 30.03.2017 and the date of Gift Deed is 29.04.2016.Regards.

K.Pandurang. M.Com;LL.B;AIII

Pandurang Ksheersagar   02 December 2017

Dear Sir, thanks for your prompt reply. Regards/

K.Pandurang.

P. Venu (Advocate)     02 December 2017

Why this query? Are there any deeper issues?

Kumar Doab (FIN)     02 December 2017

You are welcome.


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