Gifts from Maternal Side

This query is : Resolved

Maheshwari (Querist)
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14 June 2008 MY MATERNAL GRAND FATHER WANTS TO GIFT ME A CERTAIN X AMOUNT. CURRENTLY HE IS HOLDING THE AMOUNT IN THE BANK FIXED DEPOSIT, WHICH STATES HIS NAME FIRST, SECOND MY NAME. HE HAS ALSO MADE A WILL THAT THESE AMOUNTS SHOULD BE GIVEN TO ME. IS THERE ANY THING WHICH CAN BE DONE TO SECURE THIS MORE FROM ANY FURTHER CLAIMING BY HIS OWN SON ?

HE HAS ALSO SIGNED LETTER STATING THIS THESE ALL SHOULD BE CONSIDERED AS GIFTS FROM MY SIDE AND NO ONE HAS ANY CLAIM OR RIGHT ON THIS.

ALTHOUGH I HAVE ALSO MADE A GIFT DEED OF THE SAME TOO. BUT I FEEL THAT THIS IS CONTRARY, AS CURRENTLY THE AMOUNTS ARE NOT GIFTED, IT WILL BE AS PER THE WILL. SO DOES THE GIFT DEED STANDS VOID ? IS MAKING THE GIFT DEED ALSO WISE ?

MY QUESTION IS : IS THERE ANY MORE DOCUMENTATION REQUIRED RATHER THAN A WILL ?

IS THIS MUCH EVIDENCE ENOUGH IN MY FAVOUR TO GET THE DEPOSITS AFTER HIS DEMISE ?

I LOOK FORWARD TO YOUR EXPERT REPLY.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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02 October 2008 1. If it is gifted, then the grand father looses claim over this and you become the owner with immediate effect. For this a gift deed is necessary.

2. On the other hand if the granpa wants to retain control till he is alive and wishes it to be given to you after his life time, then he can write a will accordingly, duly witness it and register it and hand over to the bank as executor. This is a secured method. But the problem is the writer of the will can change his mind and make aother will in which case the latest one will prevail over.

The choice your grandpa's!

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