Release deed and gift deed have similar legal implications4 min read 30 Nov 2015, 07:27 PM IST
A gift deed allows one to gift assets or transfer ownership without any exchange of money
I am 67 years old, and have a son, a daughter-in-law and a grandson. I wish to transfer what I own to my son during my life time. For bank accounts and fixed deposits (FDs), he is either a joint holder or the sole nominee. Among gift deed, relinquishment deed, deed of conveyance, and making a registered Will, which is the least cumbersome and costly? Also, will making a registered Will necessitate its probate in court? My son will be the sole beneficiary and executor of my Will, if made. Will he still have to secure a probate (I am told it takes 8-10 months to obtain one)? I have only one house; and my wife is the joint holder. I was told that as my son is the only legal heir, simply submitting an affidavit before a first class magistrate will enable him to acquire the property. And that the Hindu Succession Act, 1956, allows this (if no Will is made). Would such an affidavit help him acquire the property?