672+ Lawyers are online 
Can sister claim on Cash gifts made by my father and mother to me
25-Jul-2023 (In Property Law)
We are Hindu,I am the only son and I have one sister elder who is married.As my parents wanted to transfer all of there cash assets (SB Account,Term Deposits and PPF account) to me they included my name as Joint holder in all bank accounts and Fixed deposits with operation mode as ANYONE OR SURVIVOR 4 years earlier only.So that if anything happens to them I can get that money easily.Now my mother has lost her memory and so my father started transferring all of their money to my account , as he wants that before he dies all money is transferred to me and I become the sole owner. My father has written a hand written note mentioning all these gift transaction details to me as a proof of his willingness to Gift my money. My sister is not aware of this.Now my question is can my sister claim a share after my parents are dead on these gift by my father? My father is not leaving a will as he is not owning any immovable property and all the bank accounts are already having my name as holder.
The accounts to which you are joint holder, are incapable to be claimed by your elder sister. Still,my suggestion will be, make a designated deed of gift executed by your father, whereby the details of the amounts also the account numbers would be mentioned; in such gift don't forget to mention the half of the amount of the accounts to which you are joint holder as gifted amount. Such deed of gift will work for you in the income tax perspective as well as secure you for any future claim by your elder sister after your parents' demise. All the best. Regards.
Helpful?
17+
17+
Adv. Ujjal Kumar Ray
Kolkata | 200+ Answers
CONTACT NOW
As per the HSA, daughter is entitled to get equal share in the asset of the parents dying intestate. However in your case, you are the joint holder of the account and your father during his lifetime has already started transferring his share of funds to your bank account. This transfer cannot be challenged by your sister. Since your mother has lost her memory, and incapable of giving her valid consent, your sister might raise a dispute with regard to your mother's estate.
Helpful?
25+
25+
Adv. Robert D Rozario
Mumbai | 100+ Answers
CONTACT NOW
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.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
