• Gift deed of immovable and movable assets

Hi,
  My mother owns some fixed deposits and a house in Bangalore. My father expired last year. All the property and fixed deposits which were in my fathers name was transferred to my mothers name. I have an elder sister but I am responsible for my mothers care and her financial handling. My mother wishes to split the property and fixed deposits by two to both children after death. As I live abroad and I may take up foreign citizenship, I would like to get fixed deposits and house as gift deed, so there is no confusion in the future. My question is can a future clause of ownership be applied in the gift deed. My mother wishes the property ownership stays in her name till her death.
Asked 9 months ago in Property Law from United States
Religion: Hindu
1) once gift deed is executed title to the property passes on to the donee.  further  Donee must accept the gift during the lifetime of donor. In case donee fails to accept the gift, it is rendered invalid. The acceptance may be validated by acts such as taking possession of the property.

2) if your mother wants property to remain in her name till her death she should execute a will . 

3)  your mother can bequeath you the fixed deposits and house in the will 
Ajay Sethi
Advocate, Mumbai
23351 Answers
1221 Consultations
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After your father's demise his property i.e movable and immovable assets devolved through succession on his widow and children. Your mother can gift only her share in the property to you. To get the fixed deposits and house in entirety your sister is also required to execute a gift deed or relinquishment deed in your favour.
Ashish Davessar
Advocate, Jaipur
18183 Answers
449 Consultations
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Your mother can make a will in your favour. The will would come into operation only after the lifetime of your mother.
Ashish Davessar
Advocate, Jaipur
18183 Answers
449 Consultations
5.0 on 5.0
Hi, If your mother want to transfer the property to you then she can execute the gift deed so immediately property will be transferred in your name or otherwise your mother can also execute "WILL" in the "WILL" she can mention this property will goes to you and other will goes to your sister.

2. "WILL" come into effect only after the death of the testator so it is better your mother can execute  the "WILL" and dispose of the property as per "WILL". 
Pradeep Bharathipura
Advocate, Bangalore
4105 Answers
133 Consultations
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If your mother wish to keep the property ownership on her name till her death and she wants to get it distributed only after her death, the only option left is registered Will deed.  Gift deed is not correct. Because in the gift deed, the property will transfer immediately. 

But I have a doubt. You said that all the property of your father transferred on your mother's name. How did it transferred. As per the Hindu Law of succession on the death of your father, your father's property will be divided into three shares i.e. (1) Your mother (2) yourself and (3) your elder sister equally.  I mean to say that your mother is having only 1/3rd of your father's property.  Whatever she received (FD and property) was in the capacity of nominee only.  Nominee does not mean exclusive owner.  She is the trustee of the property.  She has to hand over the other two shares to you and your elder sister.  
Ravinder Pasula
Advocate, Hyderabad
316 Answers
68 Consultations
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1. No. Gift Deed is affected immediately after being registered. In fact the possession of the gifted property is required to be taken by the Donee to make the Gift Deed valid,

2. For any future division or transfer of property after the demise of its owner, Will is executed which need not be registered mandatorily,

3. In case of Will, probate shall have to be obtained from the Court  and till then the will will not be considered as valid.
Krishna Kishore Ganguly
Advocate, Kolkata
12131 Answers
233 Consultations
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You wanted the property on your name now whereas your mother wants the property to remain in her name till her lifetime.   You want to respect your mother's desire and feelings?  The best thing what your mother can do is to partition the immovable property into two parts as per her desire and execute the same by a registered deed in favor of both of you and can have a mention in the same dd about her life time interest in it.  This will safeguard the interests of both of you.
For movable properties too she can arrange two fixed deposits on her name and nominate her tow children in each FD accordingly. 
T Kalaiselvan
Advocate, Vellore
14151 Answers
127 Consultations
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A will can be changed but a gift deed will be irrevocable unless it is conditional.
Ashish Davessar
Advocate, Jaipur
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449 Consultations
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1) it is better you come down to India and discuss your apprehensions with your mother 

2) if your mother is willing she can execute gift deed in your name for the house 
Ajay Sethi
Advocate, Mumbai
23351 Answers
1221 Consultations
5.0 on 5.0
You were advised to get a registered settlement deed or partition deed with clear demarcation and also with a of lifetime interest for your mother  in the property which will ensure that either of the party shall not be able to alienate the property during the life time of your mother, similarly nomination in the FDs will make sure that FD claim can be availed by the respective nominee alone.  Any will that is executed today shall be subject to change or cancellation during the lifetime of your mother hence bequeathing the property through a will is not at all advisable. 
T Kalaiselvan
Advocate, Vellore
14151 Answers
127 Consultations
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1. What is the query please?

2. There are only two options to distribute the properties standing in the name of your mother,

3. One is to gift the divided shares to you and your sister, despite the fact that she is of unstable mind in which case, the gifted properties shall have to taken possession of by the donees immediately to make the gift deed legally valid and 

4. The other is other is to execute a will in which case the properties willed shall be owned only after the death of your mother and in case of will you shall have to obtain the grant of probate from the Court.
Krishna Kishore Ganguly
Advocate, Kolkata
12131 Answers
233 Consultations
5.0 on 5.0

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