Take your loved ones into confidence earlier than you execute present deed

What are the paperwork required for a present deed? I’ve given ₹15 lakh to my father and mom.

—Manish Aidasani

You haven’t specified whether or not the stated present was made in money, or as moveable belongings of the stated worth. Typically, for a present of movable property, it isn’t obligatory to execute a proper present deed. Your question means that the present is definitely already made, however simply in case, listed here are just a few ideas on a “new” present being made.

In a typical present deed, it’s best to point out the next: the present quantity to be transferred is out of pure love and affection;  PAN particulars of the donees (i.e. your dad and mom);  in the event you desire, you may additionally present a cause for the stated present (i.e. common welfare, medical bills, and many others.) and proof of acceptance of the present by the donees (i.e. your dad and mom) by the use of counter-signatures. 

We are a Hindu household of 4—my dad and mom, sister and I. My mom and father are each senior residents. I’m the youthful daughter. Both my sister and I are married. My father owns a industrial property, whose possession we wish to switch in my title, with the consent of my sister. What is the simplest solution to go about it? 

—Name withheld on request

We assume that the industrial property was self-acquired by your father in his particular person title; and likewise assume that it had no encumbrances over it. 

To switch the property throughout your father’s lifetime, a easy present deed may be executed by your father solely in your favour. The present deed should be registered and the switch would additionally entice cost of stamp responsibility. 

We would additionally suggest that you simply acquire a no-objection certificates out of your mom and your sister (in respect of the present deed) to make sure that all family members are in alignment with the proposal. This could be the best and cleanest method, and would assist you to have good marketable title over the property in case of a future sale.

Rishabh Shroff is companion, Cyril Amarchand Mangaldas.

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