Gift deed is best option 

will takes effect on death of testator 

It takes around 6 months to a year if there is no contest 

If you want to transfer your property to your wife and child by a testamentary disposition i.e., a Will,, there is no expense to write a Will except the registration charges (if you want to register the Will, though it is not mandatory) and the question of probate comes only when the Will becomes enforceable i.e., after the lifetime of the testator.

But it is mandatory to obtain probate of Will in Calcutta, at that time it is the responsibility of the beneficiary to spend towrds the expenses for obtaining probate and the stamp duty charges.

If you want to transfer your property by registered gift deed during your lifetime then the expenses towrds the stamp duty and the registration charges are to be borne by the donor.

The stamp duty may be enquired from local registrar office

The intention of both the deeds are different.

When Will takes effect after the death of the maker , the gift deed takes effect immediately.

In your case it is advisable that you gift 2/3rd share in favour of your wife and child while retaining remaining 1/3rd in your name. 

Gift deed

Hello,

If you have full faith on your wife and daughter you may execute a deed of gift, otherwise you should execute a registered will and make your daughter and your wife executor, who will execute the will and take probate from the court after your demise 

Let me make it clear a deed of gift will take effect immediately and it can be challenged by other party, if you have other claimant , after your death. Whereas, will can also be challenged but in case of registered will not be a cake walk for the person who challenge the will to get the share of the property.

Hope this helps.

Regards 

Dear Client,

For an immediate and hassle-free transfer of ownership to your wife and daughter, Gift Deeds are generally more cost-effective. On the other hand, if you prefer retaining control over the property during your lifetime and are okay with the time consuming and costly probate process, a Will with Probate offers flexibility but involves higher costs and potential delays. Hence, considering the immediate and long-term implications, executing Gift Deeds for a one-third ownership transfer to your wife and daughter now seems to be the most cost-effective and straightforward approach. If you want to ensure control over the remaining share during your lifetime, you can complement this with a Will for that portion. Consulting with a legal expert in Kolkata to help you with the legal process. Should you require any further clarification please do not hesitate to contact us.

- As per law, you can write a Will even on a paper in the presence of two witnesses , and registration of the same is not mandatory.

- Further, a probate is a certificate granted by the court in respect of a Will, which proves the validity of the Will and grants rights to the executor. 

- If you want to transfer the said share of property then you can registered a Gift deed in favor of them , and which will be effected from the day of execution. 

- West Bengal has offered concessions in stamp duty for property transfers within the family by way of gift. “As per the current rules, the stamp duty payable on any transfer of property through gift within the family is at the rate of 0.5% of the value of the property.

It will cost you court fee and lawyer fee same depends on value of property 

1. You can register a condition gift deed gifting your flat in equal ratio to your wife and daughter on condition that they will own the said flat only after your demise.

2. Registration Charge for Gift Deed transferring the property to wife and daughter is nominal.

3. There is no need for executing a Will after registering the Gift Deed.