One of my friend who holds a piece of property in Karnataka wishes to legally Transfer the same to a Person so that she can stay away from her blood relatives who wish to take advantage of her situation. What should be the most appropriate Legal Procedures.
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Making fit deed is most suitable procedure.
Howeevr your friend can create a trust so the property can be put to use of public purposes and no single person take advantage of it.
So depending upon your priority the nature of procedure can be advised.
Making a deed of settlement is also an option.
Can there be a Sale Deed with out any Financial Transaction ? It is a Small Piece of Property and creating a Trust can not be considered. I wish to understand any legal difference between Gift Deed and Sale Deed (With out any Financial Transaction if Possible).
Sale without consideration is not valid.
1) she is at liberty to gift property to whomso ever she pleases
2) gift deed should be duly stamped and registered
Sale deed cannot be without consideration
2) consideration has to ne mentioned in sale deed and stamp duty paid based on the circle rate
1. Your friend can execute a registered Gift Deed to the person to whom she intends to gift.
2. The difference between Gift Deed and Sale Deed is, in the gift deed there shall not be any component of money involved but only love & affection and in the Sale Deed the transaction is effected after receiving the agreed amount.
Gift of immovable property has to be in accordance with section 122 of Transfer of Property Act, 1882. A gift is considered valid only when (i) it’s made voluntarily; (ii) it is without consideration; (iii) there has been an offer by the donor (person making the gift); and (iv) the offer has been accepted by the donee (person receiving the gift). So, for the gift to be valid, you must transfer the property voluntarily, without consideration, and it must be accepted by your friend during your lifetime while you are capable of giving. The transfer must be effected by a registered and stamped instrument signed by you or on your behalf and attested by at least two witnesses.
Can there be a Sale Deed with out any Financial Transaction ? It is a Small Piece of Property and creating a Trust can not be considered. I wish to understand any legal difference between Gift Deed and Sale Deed (With out any Financial Transaction if Possible).
There cannot be a sale deed executed without passing any sale consideration amount.
For gift deed this is not required.
For a sale deed, it is illegal, invalid, fictitious, sham, collusive, void, and without consideration it will not be binding on her blood relatives in the event of any claim by them in this regard in future.