Gift deed of immovable and movable assets
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 1 year ago in Property Law from United States
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
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.
Your mother can make a will in your favour. The will would come into operation only after the lifetime of your mother.
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".
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.
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.
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.
The real issue here is my sister is unstable ( only 12th pass) and has constant issues with her husband. My mother is staying in my duplex house which I had willingly let my parents stay when I moved to a foreign country. There is no rent payment which we were OK with. Recently my sister had moved out of her husbands house again and had an illicit relationship with another man and was staying in my house for a while. Now the husband and wife have sorted out and have decided to stay together for the sake of kids. But this could be a reoccurring problem. I did not come to know about all this for about 4-5 moths although I am in contact with my mother. Considering these issues may occur again I thought it's better to get a gift deed. I am not interested in immediate possession. I can spend for my mothers care and let her live in my house and then settle the financial matters gracefully after death. Will I read that it can be changed. So if there r issues from my sisters end then the will may change. I have acces to my mother bank accounts and have kept track of all fixed deposits from many years even before my fathers death. Her transactions were clean until now, there was issues after my fathers death where the car was transferred to my sisters name by my mother.
Asked 1 year ago
A will can be changed but a gift deed will be irrevocable unless it is conditional.
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
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.
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.