Situation : my father made a gift deed and gave me a house(registered) in 2001. I old it in june 2018, now 2018 my fourth sister is threatening me to file a case in mahila mandal if i dont give her share in money. my father too is demanding share when he is getting government pension of 90,000 per month.
A gift is a money or house, shares, jewellery, etc. that is received without thought, or merely an asset acquired without making a payment against it and is a capital asset for the ‘Recipient.’ It can be as cash or movable property or immovable property.
If you might want to gift the property to any of your blood relatives, Gift deed can be used. In the case of immovable property, it is required to register the Gift Deed as per Section 17 of the Registration Act, 1908.
This kind of transfer is unavoidable. When you gift the assets like land, it belongs to the beneficiary or receiver of the gift and you cannot switch the transfer or even ask money related compensation.
It can be a cost effective method of transferring the ownership.