Legal Question in Wills and Trusts in India

Dear Mam:

I am Rupesh Khetriwal, presently living in Howrah, West Bengal.

My Question: My brother has a flat (Sole owner). The flat is given to a Bank on rent and rent collected is about Rs. 9,500 per month. My brother has also taken a loan against the property from the Bank and rent is appropriated towards loan & interest.

The value of the property is about Rs. 20 lacs and the balance loan against that property Rs. 5.5 lacs.

My brother wishes to gift the property along with the outstanding loan to me. Please tell me if this is possible. If it possible what the procedure I have to do, please advice me.

Regards

Rupesh.


Asked on 8/16/09, 3:39 pm

3 Answers from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

If bank is willing to allow transfer, then possible.

You need to do a registered Deed of Gift.

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Answered on 8/17/09, 12:29 am
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Undoubtedly you can accept the gift and get it registered in your name by submitting an application for seeking permission by the bank to change in ownership.

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Answered on 8/18/09, 3:46 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Yes, an appropriate document may be executed with the help of a local lawyer.

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Answered on 8/18/09, 8:55 am


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