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Will vs gift of immovable property

ak mangal (Engg) (52 Points)

29 May 2013

Sorry if my question does not belong to this forum but i need guidance please.

I own a plot of land purchased form my own income and i wish to give it to one of my two sons. Please advise:

1. Which is better: A will or a gift deed?

2. What is the difference between the two, pros and cons.

3. Is it necessary to register the will at the place where property is located and registered or it can be made any where else in India?

4. Will my son be able to get the property transferred in his name based on the will? what is the detailed procedure?

Thanks in advance.

Anil

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2 Replies

shikhar (LEARNER ) (1394 Points)
Replied 29 May 2013

HELLO SIR

(1) As per my opinion, both the options r open for u, You can transfer by will or Gift. (BUT WILL IS LITTLE EXPENSIVE)

(2) In gift ownweship transfer Immediately but in WILL it will be transfered after your death(BASIC DIFFERENCE)

(3) I think WILL can be registered at any place (take a advice from legal expert on this point)

(4) Yes your son can get the property on the basis of will, but make sure WILL should be registered.

And one thing more when your son sell this property after transfer then period of holding will be taken from the date of purchase of property by you ( for indexation purpose)

THANKS

SHIKHAR SEHGAL

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CA CMA CS Ram Pavan Kumar Melam (CA) (6980 Points)
Replied 11 June 2013

Will is a legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. Will is ambulatory, can be amended, revoked during the lifetime of the testator. Gift deed is a registered document which cannot be revoked by its Doner. It is effective immediately after its execution.

Based on the above, it is you to decide which is better.

Registration of a will is optional. The place of registration depends on the State in which property is situated. Will can be made from any where in the world.

Yes your son be able to get the property transferred in his name, but not in your lifetime.

For procedure, please consult any document writer.