Gifting Immovable Property to Children

 

Recently in Chandigarh and earlier in Delhi & NCR there have been a number of cases were the parents gifted their hard earned only property to their children only to face haassment, mental torture, deprivation and in some cases getting thrown out of their own house. Sad and pathetic but true in some cases.

The gifting of immovale property which a person has made using his hard earned money to his/her children is an issue which depends on a host of factors, therfore, it is difficult to lay down a guideline but some general ways can be suggested to safeguard one's future. If the children need money due to any reason then by all means help them but within yor capability and without compromising your well being and do not expect any return or somre favor in return. A will can be changed any number of times but a gift is irrevocable and once made and accepted can not be changed, amended or revoked.

As a general rule do not gift your only hard earned property to your children but give it to them under a will which will be exceuted after your death. If you need money then one can always opt for reverse mortagae offered by banks to raise money for your comfort, well being and requirements. The bank wil give option to your children after your death whether they wish to get the property back after payment of mortagae loan or bank can sell it to recover dues.

If due to any reason whatsoever one has to gift his only property to his children then make sure that in the gift deed a clause is introdued that the deed will be null and void if the parents are ill treated, suffer harasment or deprivation at the hands of the peson to whom thy have gifted the property. This clause will help the tribunal headed by DM to revoke the gift deed and the property will revert back to parents and in some cases the children and their family have been ordered to leave thir parent's house. In other case if one is facing financial difficulty the recourse can be taken of Senior Citizen Protection act under which the DM can order the payment of montly allowance to the parents from their children or legal heirs and will make them responsile for their well being, medical needs, etc