Will is a free mode of transfer but can only come to effect on death of testater. There are chances of challenging the same by other legal heirs if not registered. Gift deed mat be expensive but more concrete way for the same
Property ownership
Hi Sir My question is my father sold a propery and now buying a new property. This property he want to get register on his name plus 2 sons name. Now he wants to do this to avoid gift deed later (expenses on it) question 1. Is this correct way. 2. by doing this will he require WILL to transfer rights to 2 sons. 3. Or he can register the property in his name only and write a WILL to transfer the property in his 2 sons name. will this will sufiice to get the property regitered in 2 sons name.Or Gift deed will required basis the WILL prepared to transfer the property.(in the absence of father) 4.If Father's wife also in the registered property then her WILL also be required to transfer her shares to property in 2 sons name
Asked 5 years ago in Property Law
Religion: Hindu
12 Answers
1. He can do that .yet his 1/3 share in this new property, will devolve on his legal heirs incase he dies intestate.
2. Yes, he can still pass on his 1/3rd share in thing neww property by a will.
3. It is better that he buys in his name, and later passes on this property to his 2 sons by means of a registered will.
4. Yes, her will also be required, incase property is purchased in her name.
1. Yes it correct way he can purchase in said way.
2. Yes for his share since he is registering in his name too, so for his share he need to make a will.
3. Yes if there is registered will it will suffice. No if will is there gift deed is not required.
4. Yes if it is registered in name of fathers wife then in that case she need to make will too.
1. Yes this can be done.
2. Yes since he will be having 1/3rd share in the property, therefore a will has to be made.
3. Best way is that the father can purchase a property on his name and also get a will made thereupon distributing the property amongst the legal heirs.
Regards
it is better father purchases property in his own name only
2) during his lifetime father should be absolute owner of the property
3) father can execute will bequeathing property to sons
4) on father demise based on will property can be transferred in sons name
5) mother can also execute will bequeathing her share to her 2 sons
1. If a property is bought by father using his money but registered in name of his sons then such a transaction will be hit by benami law which is prohibited
2. Instead father can transfer the funds to accounts of the two sons and this money can be used by the sons to directly register property in their names
3. The amount transferred by father to his sons can be shown as gift in the books of accounts
4. Another way would be, father can buy the property in his name and register document and later on he can either gift it or make a Will in favour of his sons
5. But the first approach would be most simple and hassle free
If you father registering new property on his name also then your father's share equelly distributed to his legal heirs (sun,daughter and wife)
So to avoid this. Procedure your father may register property on the name of 2 sons
Otherwise he can gift or make will on favour of 2 sons
The long term capital gain is the component arise in sale of ansestral property and the entire amount of sale proceed is a capital gain.
If a property is registered in others name the share of other title holder will not be eligible for LTCG deduction and the remaining amount will be taxable.
The property then can be transferred to the legal hairs by a will subject to the share of all who have equal share in ansestral property to avoid any litigation.
If the father has bought the property surely ownership will be vested in him and all the sons including wife will have equal shares after death.
Will must be probated after fathers death and the best to avoid controversy get it by registered gift deed
1. There is no legal infirmity in it.
2. If he is a joint owner then he has to transfer his rights to his children by way of Will so that his share in the property do not remain intestate.
3. He can get the property registered on his name also.
After that he can transfer the property to his sons name by either
executing a Will or by executing a registered settlement deed.
If the gift settlement is made then the property shall be in the possession of the sons immediately during the lifetime of their father or else they may be able to acquire the same only after his lifetime if it is inherited by a will.
4. Yes.
Dear client,
Property can be bought by him in any one's name.
WILL must execute to avoid any future claim as actual contributor is he.
He can execute WILL to make sons absolute owner after his demise.
No.
is it his self earned property or inherit property?
If he register on his name along with 2 sons, then later he has to make a will to share his share equally among 2 sons, which can be one option.
