gift deed property
I wish to know the following:
One person want to transfer ownership of a property
(land with building) to her children and/or grandchild. It is
a self purchased property. Property is in Karnataka
state and the owner is also from karnataka. Children
and grandchild is also from karnataka.
With regard to this
1) Is gift deed the only way to do it ?
Is there any other way to do it ?
2) Can the person transfer ownership to one child
and one grandchild in the ratio of 50:50 -
joint ownership through gift deed ?
3) Can the person transfer ownership to two children
in the ratio of 50:50 - joint ownership through
gift deed ?
4) In the above two cases 2. and 3. can the ratio
be different in the gift deed ? ( joint ownership
but ownership ratio is different - say 20% to one
and 80% to another )
5) Can more than two recipients possible in 2. 3.
and 4. above ?
6) If there is any other way (other than will which is
applicable only when the owner is not alive) wherein
the above is possible ? (no financial transaction
In all the above it is joint ownership, there is no division
of property into multiple properties.
Awaiting your help and thanking you,