Prasad 06 November 2020

Settlement deed

my mother executed settlement deed to me on the house in chennai retaining life interest. Now we are planning to construct new building and she is willing to transfer building to my name now itself. what should be the procedure? Do we need to execute a new settlement deed?

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6 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 06 November 2020

1. Mother can execute a REGISTERED Gift Deed in your favor, which will be perpetually effective for all legal purposes.

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SHIRISH PAWAR, 7738990900 (Advocate) 06 November 2020

Hello,

Your mother has already executed the settlement deed so you are having the title of the property. There is no need to execute another deed regarding the building.

Prasad 06 November 2020

since the current settlement deed is with lifetime interest. Will I be able to do mutation or do I need to do anything additional? I would prefer to have it on my name if constructing new building

Isaac Gabriel (Advocate) 06 November 2020

Mutation could be made on the strength of the settlement deed. Gift deed will amount tonduplication of the same and will cost extra stamp duty for gift deed.

Prasad 07 November 2020

Yes I understand that but the settlement deed is with lifetime interest clause and my mother is still living with me but can i change title now itself for the purpose of new building construction. for the fact my mother ok with transferring title to me now itself

Sridaran Ganapathysubramanian 07 November 2020

Ask ur mother to cancel the gift deed along with you,as one of the party in this deed, because being a executor of the gift deed she cannot cancel the gift deed.So,If ur mother wants to cancel the gift deed then ur mother and urself jointly cancel the gift deed then it is valid under law as per various courts judgements.Then she has to execute the fresh deed with out any condition in favour of you.