My father wants to donate me an immovable property to me.Should he donate me in the gift deed form or WILL form?What is the difference between the two and which option is better?Can I mortgage that property in bank if it is given in WILL form?
Can my father donate immovable property with conditional gift or will like that I lose rights on the property once his grand son( my son ) is married and the rights will be transferred to the grand son after marriage?
1) will takes effect on demise of the testator
2) will can be revoked any time by testator
3) gift deed is better option
4) once gift deed is executed duly stamped and regd you would be absolute owner of property
5) you can mortgage the property after possession is delivered to you by your father
Your father can execute will wherein you would have only life interest in property and on your demise property would devolve on your son
1. If your father executes a will bequeathing his properties to you, you shall be the owner of the said properties only after the demise of your father and you shall have to take grant of probate from the court for getting the said will legally validated first. Your title on the said properties will come only after the demise of your father and not before that.
2. In case of gift, you shall instantly become the owner of the properties mentioned in the gift deed which is required to be registered. After registering the gift deed y your father he will cease to be its owner instantly and you shall become its owner which shall make you entitled to mortgage the properties with Bank to avail loan.
1. In that case he should make a will bequeathing his properties to your son after his marriage and give you the living rights till then or for your life time.
2. Gift Deed to you can not be revoked and further gifted to your son.
Hi
1) A registered gift deed is the best option as the property will be transferred in to your name during the life time of your father.
2) Upon execution of Gift deed, you can mutate the government records such as property tax, electricity bills, water bills etc in your name and thereby become the absolute owner of the property.
3) Once the property is transferred in to your name, you can also mortgage the property and thereby avail loan facility from the bank.
4) A WILL shall become effective only after the life time of your father.
5) Also a WILL needs to be probated in the court of law
6) The Stamp Duty and Registration Charges for both WILL and registered Gift deed are almost same (Stamp duty and registration charges for a Registered Gift deed will be marginally higher by about 0.05%).
7) Your son will not have any rights on the property once the property is Gifted to you by your father. Please note that Hindu succession law has amended the erstwhile hindu laws of succession. Son of a living son cannot claim a share of his grand father's property vide section 8 of Hindu succession act
8) Conditional Gifts: . The position of law is that once the gift is made and the donee(you) accept the Gift, the conditions will cease to exist. Also a conditional gift deed will not be of any use to you as you can neither enjoy the ownership of the building or avail loan based on the conditional gift deed.
9) Better to go for a Registered Gift deed now and complete the transfer.
Hope this helps
1. In case of gift deed the transfer of title is instantaneous whereas a will comes into operation only after the demise of the testator.
2. A gift deed requires mandatory registration on payment of stamp duty, whereas a will does not require registration and stamp duty.
3. A gift deed may be conditional or unconditional.
The property can be transferred to your name by the following modes:
1. By a registered settlement deed
2. By a registered gift deed.
3. By a registered sale deed.
4. By a registered family arrangement deed.
5. By a will whether registered or unregistered
Out of above, the Will shall come into force only after the life time of your father, you cannot avail it immediately.
The mortgage loans can be availed if any of the other modes had been followed.
Can my father donate immovable property with conditional gift or will like that I lose rights on the property once his grand son( my son ) is married and the rights will be transferred to the grand son after marriage?
Conditional gift deed is not valid in the eyes of law.
Conditional settlement deed is possible.
Once a property has been transferred to your name, then you become the absolute owner of the said property, thereby you only have full rights in the property and nobody can question or claim any right in it at any time in the future during your lifetime.
Your son shall not have any rights in the property whether before or after his marriage.