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Gift deed to a private trust, can the trust sell the property?
13-Oct-2023 (In Property Law)
During 1999 a person transferred a piece of land to a private trust with out mentioning the right to transfer. The trust after observing the formalities as per the trust deed transferred the property to another during 2006. Is this transaction valid. Again the transferee sold the property during 2011 to the present holder. Please inform me if all the transfers are valid and the present holder has absolute right of the property.
As per the Transfer of Property Act, a transfer in the name of gift implies that all the three rights of enjoyment, alienation and possession are transferred. Thus, the Trust has the absolute right to transfer the property unless the gift deed was made with an express condition barring the rightto transfer.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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What is the validity period of gift deed?
The Gift Deed is valid for life when the donor transfers an immovable or mobile property. Only in the special circumstances listed in this article can it be terminated. Gift Deeds are valid even if a donor dies immediately after gifting a property.
Can property received by gift deed be sold?
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. The gift deed should be registered in the name of the recipient because it has the same value as a sale.
What is the time limit for gift deed execution?
Do I have a time limit to contest a gift deed? Gift deeds can be challenged for up to 3 years after the date of execution, or the date the donee learns about it.
What is the cancellation period of gift deed?
Article 59, Limitation Act of 1963, states that a person seeking to cancel the Gift Deed (the plaintiff) will have three years to act from the date he or her learns the facts which entitle him or her to do so.
Adv. P Venu
Vaikom | 500+ Answers
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