Gift deed from mother to son
3 years ago
My father expired in 2008 leaving a plot of 274 yds, Me, my mother, sister,grandfather and grandmother were his legal heirs, In 2010, 4 of us executed a "Deed of Relinquishment over joint property" to my mother. Later, we built a 4 storied house in the property taking a housing loan as a co-borrowers (me and mother). The taxes on rents receivable and deductions on housing loan were paid by my mother as income tax. Though I was listed as a co-borrower, I couldn't get any loan deductions in my ITR
My sister got married in 2018. We have given another property as A Relinquishment deed of joint property to her. my BIL( brother-in-law) is a greedy person. He is demanding us to give a part of our building too. So, my mother has decided to Gift deed the property to his son i.e., me , to not have any disputes further.
1. How to execute the gift deed? Do we need to have signatures of my sister and BIL in the deed document ( as a witness) compulsorily ?
2. As the property is Mortgaged under Housing loan to bank, Can I have gift deed without releasing from Mortgage lien as I am a co-borrower?
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A mortgaged property can be gifted after redemption of mortgage. You can clear the outstanding loan dues and can gift the property without any hassle. In case, you gift a mortgaged property, the donee besides accepting the Gift, also has to accept the burden/obligation of mortgage.
And for the execution of Gift Deed; Donor and donee have to sign deed in presence of two witnesses, and then submit the signed original copy to the Registrar, and than pay all the necessary fees and lastly get it attested.
Donor and donee have to sign deed in presence of two witnesses, and then submit the signed original copy to the Registrar, and than pay all the necessary fees and lastly get it attested. To get the Gift deed executed. However, A mortgaged property can be gifted after redemption of mortgage. You can clear the outstanding loan dues and can gift the property without any hassle. In case, you gift a mortgaged property, the donee besides accepting the Gift, also has to accept the burden/obligation of mortgage.
Ankur Goel @ Complete Law Shield
Responded 3 years ago
now the land of your house have Relinquishment deed and it is further developed by you and mother jointly.
your mother can gift it to you, anybody else signature is not required.
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield) #YourLifeYourChoice
Note - This is just a small advice. Proper advice can happen only after going through details.