Can a gifted property be sold to third party
31-Jul-2023 (In Property Law)
I was gifted a part of the property by my mother 4yrs ago with a common passage and common septic tank with my elder sister. Elder sister was gifted the other part just two years ago. I done mutation and put my name in record. Can I sold my property any other third party.
Dear querist,
Yes you can but some declarations and NOCs is needed from your side and also we need to see the gift deed of yours to ascertain whether you can sell your portion or not you need to contact us through Lawrato...
Regards
Yes you can but some declarations and NOCs is needed from your side and also we need to see the gift deed of yours to ascertain whether you can sell your portion or not you need to contact us through Lawrato...
Regards
What is the time limit for gift deed cancellation?
Listen to this loudly Accordingly, the maximum time for canceling a gift deed and regaining ownership is 12 years, from the date adverse possession is discovered, even if there is an excuse. For peace of mind, trust our legal consultation to help you navigate Gift Deed cancellation.
Can we sell gifted property immediately?
Listen to this loudly: Yes, the property that is the subject of a gift deed can be sold. However, it must be registered according to the laws and without any conditions. It is important to register it under the name of the recipient because the gift deed has the same value as a sale.
What is the holding period in case of gifted property?
Listen to this: If the property is not a gift, then the holding period will be calculated from the date the gift was received. The period of holding is calculated from the date that your father originally purchased the property. 28 Aug 2023
Can someone take back gifted property?
The Indian Contract Act of 1872 governs gifts. The law states that a gift made to the recipient and accepted is not revocable. 27 March 2023
you can only sell that part of the property which has been gifted to you by your mother to any third party. You are the rightful owner of your part of the property. You cannot sell the other part of the property which belongs to your elder sister.
At the time the gift has taken place the ownership of the property is already transferred to you and you have exclusive right to sell, rent, mortgage, gift or any other transfer and can alienate the property to any other third party. There is no bar. Regards
Listen to this loudly Yes, the property received as a gift by a valid deed may be sold immediately. Before that property can be sold, it must first be registered at the Registrar Office. Transfer of Property Act states that ownership can only be absolute after registration.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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