{"id":6045,"date":"2023-08-18T18:18:50","date_gmt":"2023-08-18T18:18:50","guid":{"rendered":"https:\/\/lmctcharity.org\/?p=6045"},"modified":"2023-08-18T18:18:52","modified_gmt":"2023-08-18T18:18:52","slug":"transfer-of-property-by-senior-citizens","status":"publish","type":"post","link":"https:\/\/lmctcharity.org\/index.php\/2023\/08\/18\/transfer-of-property-by-senior-citizens\/","title":{"rendered":"TRANSFER OF PROPERTY BY SENIOR CITIZENS"},"content":{"rendered":"\n

“Do you want to leave your property intestate and <\/strong><\/p>\n\n\n\n

let your family members <\/strong><\/p>\n\n\n\n

fight with each other to get their shares?”<\/strong><\/p>\n\n\n\n

Your option one is to Gift the property in your lifetime.<\/strong><\/p>\n\n\n\n

Many elderly believe that the best way to avoid family disputes over inheritance is to gift away as many assets as possible during their lifetime. This can be a double-edged sword. If you gift an asset, say a house, while you are still alive, it will be immune to challenge. At the same time, it can make you vulnerable because once the property is in the hands of the children, they can ill-treat their parents.<\/strong><\/p>\n\n\n\n

If you no longer need a particular asset, gift it by all means. However; before you decide to do so,please understand the difference between a gift deed (a legal document used to describe thetransfer of gift without exchange of money), and a will. A will, whether it is registered or not, is revocable during the lifetime of the testator. On the other hand, a gift deed, once executed, is irrevocable. Do not relinquish your rights to your children immediately. Give a small part if you want. If you give away everything, how will you live?<\/strong><\/p>\n\n\n\n

So for the tax implication, any gift given to specified relatives is exempt from tax in the hands of the receiver. However, in case of an immovable property, given as a gift to specified relatives, it will attract stamp duty.<\/strong><\/p>\n\n\n\n

Even then; if at all you wish to gift your property, either under family compulsion or on your own sweet will, during your life time, make sure that you add the following clause, suitably, in the deed:<\/strong><\/p>\n\n\n\n

\u201cThis deed of gift (or sale whatever is the case may be) is being executed on the specific promise made by my (mention relationship\u2026\u2026\u2026\u2026..) Shri \u2026\u2026\u2026\u2026\u2026\u2026, the transferee, that he as the transferee has specifically agreed the he shall provide all the basic amenities to me and will take care of my physical, mental and financial requirements and be responsible to sssfulfill my needs and will maintain me and will also take care of my welfare during my life time.<\/strong><\/p>\n\n\n\n

And Whereas, I, \u2026\u2026\u2026\u2026\u2026..(name the senior citizen) am transferring this property under this gift deed (or otherwise like sale deed etc. as the case may be), subject to the condition as mentioned in foregoing para, if the transferee refuses or fails or neglects to provide such amenities and mental, financial, physical support to fulfill my needs, the said transfer of property shall be deemed to have been made by fraud or coercion or under undue influence and shall, at the option of the transferor, be declared void by the Tribunal constituted under Maintenance and Welfare of Parents and Senior Citizens Act, 2007 or any Court of Law.\u201d<\/strong><\/p>\n\n\n\n

Such protection, of reverting back the property, has been provided to the senior citizens under Act of 2007. Honorable Supreme Court has also conferred such rights in recent judgments. The cases of 2 senior citizens can be placed before the District Tribunal, and the Tribunal would decide the case within a short span of 90 days. Still, it is better, to avoid giving gifts, especially immovable property, during one\u2019s lifetime to the children or any other beneficiaries.<\/strong><\/p>\n\n\n\n

Second option, which is better and safer, is to write a WILL.<\/strong><\/p>\n\n\n\n

Essentials of Will includes the presence of an intention, the details of the testator, the assets, the executor, the beneficiary, the signature of the testator and proper verification in the presence of two witnesses.<\/strong><\/p>\n\n\n\n

SAMPLE WILL:-<\/strong><\/p>\n\n\n\n

\u201cWILL DEED\u201d<\/strong><\/p>\n\n\n\n

THIS \u201cWILL DEED\u201d is executed on this \u2026\u2026.day of \u2026\u2026\u2026\u2026\u2026\u2026 at \u2026\u2026\u2026\u2026. by Shrimati \u2026\u2026\u2026\u2026\u2026.. aged about \u2026\u2026. years w\/o Late \u2026\u2026\u2026\u2026\u2026.. R\/o H.No. \u2026\u2026\u2026.., Duplex Flat, Takshshila Main Road, Gur Mandi, Delhi \u2013 7 (hereinafter called the Testator).<\/strong><\/p>\n\n\n\n

IN FAVOUR OF<\/strong><\/p>\n\n\n\n

Shri \u2026\u2026\u2026\u2026\u2026. aged about \u2026\u2026. years S\/o Late Shri \u2026\u2026\u2026. R\/o H.No. \u2026\u2026\u2026, Duplex Flat, Takshshila Main Road, Gur Mandi, Delhi-7, (hereinafter called as the Beneficiary).<\/strong><\/p>\n\n\n\n

LIFE IS BUT SHORT AND UNCERTAIN, God knows when it may come to end. Hence, I, with my free will and consent and without any force or compulsion from others and in my sound estate of mind, make this will as under:-<\/strong><\/p>\n\n\n\n

Whereas, I, \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026., the Testator is the owner and in the possession of one double storied pacca construction residential house, bearing House No\u2026\u2026\u2026., constructed on piece of land admeasuring \u2026\u2026\u2026.. Square feet, on Takshshila Main Road at Gur Mandi, Delhi-7. The house property is bounded as under:-<\/strong><\/p>\n\n\n\n

On East side: Property of Mr\u2026\u2026\u2026\u2026, on West side: Property of Mr.\u2026\u2026\u2026\u2026, on North side: Narrow Road and on South side: Takshshila Main Road.<\/strong><\/p>\n\n\n\n

Whereas, I, the Testator hereby bequeath that after my death the aforesaid property (with open land, all furniture, fixtures and fittings) shall devolve to the aforesaid Beneficiary, Mr. \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026. who shall be the sole and absolute owner of the above mentioned property after my demise.<\/strong><\/p>\n\n\n\n

Sd\/- TESTATOR<\/strong><\/p>\n\n\n\n

WITNESSES (Name, address and Signature): <\/strong><\/p>\n\n\n\n

1\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026. 2\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026. <\/strong><\/p>\n\n\n\n

As testament this is an important document and should be drafted properly by a legal counsel.<\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

“Do you want to leave your property intestate and let your family members fight with each other to get their shares?” Your option one is to Gift the property in your lifetime. Many elderly believe that the best way to avoid family disputes over inheritance is to gift away as many assets as possible during […]<\/p>\n","protected":false},"author":3,"featured_media":6061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","et-has-post-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/posts\/6045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/comments?post=6045"}],"version-history":[{"count":20,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/posts\/6045\/revisions"}],"predecessor-version":[{"id":6079,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/posts\/6045\/revisions\/6079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/media\/6061"}],"wp:attachment":[{"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/media?parent=6045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/categories?post=6045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lmctcharity.org\/index.php\/wp-json\/wp\/v2\/tags?post=6045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}