Revoking a gift deed and gifting again

PARTNER

We have gifted a land (Charitable purpose) to a Cooperative society for constructing a godown 25 years ago by way of a regd deed. The gift was a conditional one. The society has become defunct after first 5 years. As such the gift stands revoked (Applying TP Act Sec 31 and 126).

The society has got a liability of about Rs2 lacs , that time. Now it may be around Rs 5 lacs with penal interest etc, this was given by a coop bank for constructing the godown.

There is a liquidator appointed for winding up this society now. As the gift stands cancelled (Automatic cancellation by 31 & 126 of Act) we want to gift this property to a different society, again for a charitable purpose. We will pay off the liabilities of first society, if any.

Do we need to execute a cancellation deed and register it first, or can we straight away   execute gift deed to the new society?

What are the problems that may surface in doing this?

 
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Lawyer/Advocate

As the gift was a conditional gift and failing from the condition the gift deed is already revoked and cancelled as per as apparent from the query and TP ACT sections. For avoiding the legal hassle and on precautionary measure i advised to exceute a registered cancellation deed and then execute another registered gift deed.
 
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Lawyer/Advocate

As the gift was a conditional gift and failing from the condition the gift deed is already revoked and cancelled as per as apparent from the query and TP ACT sections. For avoiding the legal hassle and on precautionary measure i advised to exceute a registered cancellation deed and then execute another registered gift deed.
 
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Advocate,9444674980

since it was gifted for a charitable trust, and it has become defunct and it is under debt stress, it is better to move competent court and explain things in right perspective and get gift deed cancelled  through court and go for further  transactions, to avoid future implications.

 
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PARTNER

Thanks Rajeev, appreciate your guidance. If it all someone could oppose the cancellation and further gifting who could be that? Liquidator? We are willing to pay liability outstanding he many not go to civil court. I am trying to see who could be interested parties that can bring a suit.

Also, if we want to register a cancellation deed, does the limitation come into picture here as the gift is 25 years old and the Coop Society is defunct for about last 20 years... executing a gift cancellation now ... would it counter productive. 

 

Regards,

Prasad

(Indian Chartered Accountant settled in Australia)

 
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