Type of deed to make to secure a transfer of property from future case

669 votes

Gift Deed is the best solution,in case of immovable property, it is mandatory to register the gift deed as per section 17 of Registration act. Gift deed is irrevecable . Stamp duty is payable for registering a gift deed. If you receive a gift from relative than no tax will be levied. If you get property through registered gift deed you can show the value of gift received as exempted income in ITR.

Advocate Sadhna Rana LawRato

995 votes

Sir,
I need further clarity pertaining to the said property of your grandfather's brother, whether the said property is self acquired or devolved from ancestors? if the same is ancestors property whether it got partitioned among the heirs of your grandfather's father. Then alone proper clarification can be given.

Advocate B. Thirunavukkarasu LawRato

733 votes

Hi, Once a person relinquishes his right the chances of he going back and retain that right back in time is very remote. In your case you have already told that the adopted son is ready to sign any kind of deed. So you can make practical and effective use of the present situation for getting it done in your name. It is too early to say the kind of deed as the type of deed can be decided only on scrutinizing the documents. But it might be a settlement or gift or release or any other deed depending on how it is weighed as suitable or proper in the given circumstances to avoid conflict of interest.

Advocate GP Vijay LawRato