News

The Hindu : ForumN.C.S. RAGHAVANARVIND RAGHAVANSettlement of houseQuestion: I have a house in Gangenahalli Extn in my name and have settled the payment through a Central Government home loan. Now I want to transfer the property to my wife and three children. In this connection I had read the article ‘Transfer of property’ in The Hindu PropertyPlus dated April 7, 2007, by Gopinatha Rao. It contained details on ‘Will’ and ‘settlement deed.’ The settlement deed, the author said, works out fine as it is financially viable.Please advise me on how to go about the entire procedure as I have no idea how to flag off the formalities required, to make the settlement a peaceful one.C. Narayana318, 6th A Main,HRBR Layout,II BlockBangalore.Our legal experts respond: It is presumed that you want the ownership of the house passed on to your wife and children only on or after your death. In such an event, the only legal document that can be prepared is a “will.” The following legal implications of a will have to be understood:The will comes into effect only after your death.You can revoke the will any number of times and there is no finality about it even when you make the first will now.Subject to the aforesaid restrictions, you can make out a will and get it registered. There is no stamp duty payable on such a will. However, a nominal registration fee of Rs.200 is to be paid.The will has be registered in Book–III maintained by the registration authorities. Such a document is not available to the public and will be treated as a private document only.A will duly made and registered can be absolutely safe from your point of view and by registration of the same, it can be made safe and secure for your wife and children. However, if you want to make any changes, you are legally entitled to do so by amending…More