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Should I gift or Will my property to my children?

Representational image

Representational image

Papa, do you want us go through the long legal process and subject us to property disputes after you, why don’t you transfer this flat to us now, don’t you trust us upset Jatin bangs the phone on his father. The father and son often fight on this subject and it’s a regular affair now. 
Jatins father was still not sure if gifting his house to his only son is the right decision. He is worried if Jatin and his wife would continue to take care of him and give him the same respect after he gifts away his most valuable asset. Many elderly parents are caught in this age-old dilemma of gifting property during life vs passing it on through a Will.

Defining a Gift

As per Section 122 of Transfer of Property Act, 1882 Gift? is defined as the transfer of certain existing moveable and immoveable property made voluntarily and without consideration, by one person called the donor, to another, called the donee, and accepted by or on behalf of the donee. One can give away their assets to their loved ones either during life called as Gift? or after demise i.e. through testamentary termed as ?Will. While the Gift takes place immediately, the Will is operational only after death.

Revocation of a Gift

Gift can be revoked but only under certain circumstances

  • By Mutual Agreement -Donor and Donee may agree that the gift shall be revoked on happening of an event and only on mutual agreement and not mere at the will of donor. The condition revoking the gift must be express; it should not be merely in the form of a wish or desire. In other words, the condition on the non-fulfilment of which the donor may revoke the gift must be expressly laid down in the gift. It is necessary that the condition of revocation is made at the time of gift and not afterwards. 

  • By Rescission as Contracts – Section 19 of the Indian Contract Act provides that ?Where consent to an agreement is caused by coercion, undue influence, fraud or misrepresentation, the agreement is a contract voidable at the option of the party whose consent was so obtained. As we know Gift is gratuitous transfer of ownership made voluntarily and if it could be proved that the transfer was not made voluntarily the Gift may be revoked by the donor. 
Subsequent Conduct of donee irrelevant and Judgement by Karaikal District Tribunal
A father gifted his house in anticipation of his son staying with him, paying certain sum for living and taking care of him in old age. In case if son fails to take care of father and does not pay for his living the father solely cannot revoke the gift and take back the house. So, the subsequent conduct by donee cannot become ground for revocation of a valid gift. Having said that the recent landmark judgement may pave way for fight back to many such elderly parents who are suffering and repenting gifting their property to their children.
The case was filed by an elderly woman who complained that her son was not taking care of her and he was not even offering her basic amenities of life after she gifted him the property. The tribunal bench of Karaikal district in Tamil Nadu passed the order declaring the transfer of property to the son void and restored it to the mother under sections 4(2) and 23(1) of the Maintenance and Welfare of Parents and Senior Citizens Act. 2007. 
Gifting through revocable Private Trust

The biggest dilemma of gifting asset to legatees during life is loss of control over the asset and losing power to call back the gift if need arises. A revocable private trust which gives power to recall the assets and wind up the trust as and when desired could be the perfect answer to this dilemma. The assets gifted in the private trust can be passed on to beneficiaries as per terms mentioned in the trust deed without going for any court order like probate or letter of administration. This will not only avoid the delays but will also minimize the chances of family disputes for deceaseds estate. While setting up a revocable private trust is good option to retain control on assets but one should evaluate the costs related to stamp duty on gifting assets, setting up and managing the Trust before taking any decision on this. 

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Politics

Shashi Tharoor is capable of bringing Congress back in power, says Congress leader Ashish Deshmukh

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Radhika Dhawad | New Delhi
Former MLA and Congress leader Dr Ashish Deshmukh spoke about nomination filed by Congress MP Shashi Tharoor for party president post.

Congress leader Ashish Deshmukh looks on while Congress MP Shashi Tharoor files nomination papers for party chief post

Former MLA and Member of Parliamentary Board, MPCC Dr Ashish Deshmukh speaking about the nomination filed by Congress MP Shashi Tharoor for the post of Congress President on Friday, said, “Dr Shashi Tharoor is a popular Congress MP who has done remarkable work for the nation at the international level. It’s very welcoming thing that the election of Congress President is being done in a democratic manner. This is an important step for decentralisation in the party and the future of Congress is bright. Soniaji and Rahulji Gandhi contributed a lot to strengthen the party.”

Former MLA and Congress leader Dr Ashish Deshmukh spoke about nomination filed by Congress MP Shashi Tharoor for party president post.

Shashi Tharoor

Congress leader Deshmukh added, “This is an important step taken by the Congress elites for the elections in a democratic manner so that the party can take a higher flight. Dr Shashi Tharoor has cordial relations with everyone in the party; he has the ability to give a new direction to the party. I believe that he will be able to handle the responsibility of bringing the Congress to power in the country by taking the party forward with new strength. If he seriously deals with issues like unemployment, industry, agriculture, inflation then Congress will have fruitful days. By doing transparent politics, he will definitely convey the thought of Congress to the people at the grassroots level. If you want a rejuvenated, bigger and dynamic Congress party, Dr. Shashi Tharoor is the right candidate. He has the open support of Congress delegates in 12 states and is getting the support of Congress leaders and activists from all over India. He will be elected for sure.”

Deshmukh informed that Tharoor would be visiting Nagpur on October 1 and 2 to hear out all thoughts of Congress delegates.

Also read: Lata Mangeshkar’s 93rd birthday anniversary: Life story of ‘nightingale’

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Nagpur News

Nagpur citizens to revel The Raaas Garba next year!

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Nation Next Newsroom | Nagpur

The Raaas (2018)

Since The Raaas enchanted and enthralled Nagpur with its quality garba in its first year in 2018, the demand for encore has been reverberating the city. To cater to the huge public demand, the organisers of the king of garbas have decided to continue The Raaas next year on. Like its first year, The Raaas Garba will be presented to Nagpur in association with Nation Next in 2023. Mahesh Kukreja, the key organiser said, “Because of some reasons, we, earlier, thought of giving the event a break.”

He added, “Then COVID-19 struck the world. Now we plan to continue it from next year onwards. While I express my gratitude to Nagpurians to make the event a huge hit, I request the city’s garba revellers to not get fooled as a few garbas are falsely claiming to be The Raaas. We’ll be back next year for sure!”

Also read: Mesmerising sunset hues at Ramtek’s Ambala Lake in Nagpur

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Mesmerising sunset hues at Ramtek’s Ambala Lake in Nagpur

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Akshara Rohankar | Photographer : Bhavesh Mahalle | Nagpur

Ambala Lake in Ramtek city wore a dazzling look at the golden hour of sunset. The verdant surrounding of the lake flanked by the old and famous Shiv temple, lends a soothing and religious aura to the city known for its old heritage and mythological significance.

Also read: When Lata Mangeshkar got offended by Dilip Kumar and didn’t speak to him for 13 years

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