Will vs gift deed


7-4-14

sir,

My wife's father has some real estate property....in this commercial property given on lease for monthly rent....

tenant of that commercial property put a case in court against him....the hearing is going on...

In the mean time my wife's father want to gift or will his property equally to his daughters, in which the above said commercial property also exist.

my wife's father is now 70 years old and IT Assesse also....

please suggest what will be the better decision...registering a will or executing the gift deed by considering the above said legal problems....

Some friend of my uncle also suggested my wife's father to execute the partition deed, as the total property he enjoying is ancestral property...

thank you,

Kumar

 
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Advocate

If the property is ancestral property , your wife's father should first partition the property amongst all the coparcenors of the property. Ex : If he has two daughters then the property must be partitioned amongst your wife's father and his two daughters. Each will be entitled to 1/3rd of the property. Now once he executes the partition deed which is acceptable to all the legal heirs, he may then either execute a gift deed or a WILL to the extent of his share ONLY to any of the legal heirs. Good luck.

 
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Sir,

My mother inherited property from my father which originally belonged to my grand father. This property was transferred to my father 40 yrs ago. 5 yrs ago my father passed away and therefore property tranferred to my mother via mutation. 4 yrs ago the other brother/sisters nephews filed a case on my mother that is in court. There is  NO stay on teh property. Can my mother gift this property to her son-inlaw? or grandson? If so what happens to the case? What is the process? Do I need an attorney?

Property is located in Dehradun - Uttranchal.

Thanks a lot for your time.

 
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