Respected sir, with your kind permission, background of the matter is being elaborated hereunder -
1. An elderly person (above 70 years of age) has two issues - one son and one daughter.
2. Son is single. Daughter is married.
3. There are two self-acquired (not ancestral) properties - an apartment (elderly person, his wife and son reside there) and a shop (vacant).
4. Both are joint properties (undivided share) in name of elderly person and his son.
5. Because of age, the elderly person (father) wants to transfer his undivided share of joint properties in name of his son to avoid any legal complications in future.
So, queries are -
1. As the properties are in co-ownership, can father execute a Relinquishment Deed of these jointly owned properties to transfer the undivided share to his son?
2. Can father execute a Gift Deed of his undivided share?
3. In short, main purpose is to make son the sole owner of properties. So, what can be the best, proper and cost effective method to achieve sole ownership for his son?
Good advice is highly appreciated. Thanks.
