Hi Experts,
Need an advice, I want to give a piece of land to my brother's son who has lost his parents (my brother & sister-in-law). But I was told that I can transfer a asset to him as a Gift Deed and we cant afford the Sale-Deed as there is no monetary transaction happening in this transfer of assest.
Plesae suggest.
Thanks.
In case your the guardian of him with help of local lawyer can transfer such asset in his name and get it duly registered the other option is make a WILL for the same but it will come into force only when th maker of the WILL is deceased
You may prepare a gift deed duly stamped and registered in order to transfer the land in his favor. However, in case your brother's son is a minor, then you will have to appoint a guardian or a estate manager to look after the interest of the minor till he reaches the age of 18.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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