Legal Question in Real Estate Law in

Dear Sir,

My father gifted me a piece of land i.e., a portion of 1400 sq.ft out of his total site of 3000 sq.ft.,

through a Gift Deed.

I took loan from the bank and constructed a house on the gifted land.

I am the only son without brothers or sisters.

Now, in 2010, we have decided to go for Cancellation of gift deed, with mutual consent.

Whether it is valid and whether only "Cancellation of Gift Deed" is enough ?

Please reply by e-mail.

Regards


Asked on 9/08/10, 4:42 am

2 Answers from Attorneys
Vishwa Arya Arya & Co.

One, you have not mentioned when was the Gift deed executed. In my opinion, you cannot cancel the Gift Deed as such. Your son will have to execute another Gift Deed if he wants to give it back to you

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Answered on 9/08/10, 6:24 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Yes, you can, if the loan is repaid and there is no encumberance on the property.

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Answered on 9/09/10, 8:25 am


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