Transfer Of Property: All you need to know about property transfer in India
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Property Transfer : A person buys property for himself by investing his entire life’s earnings. But if the property is not taken care of properly or the legal rules related to the property are not known, then your life’s earnings can be lost in a moment.
In India, mainly 2 methods are used to transfer property to the coming generation. One of these is a gift deed and the other is a will. There are very subtle differences between a gift deed and a will. You should know about the difference between these two. Today we will also tell you about gift deed and will and also tell you what is the difference between these two.
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Mode of Gift Deed
This is a permanent process and if you want to transfer property to someone while you are alive, then you can do so through this method. But before starting this process, you should take special care of some things. First of all, you should keep in mind that this is a permanent process and after its completion, the former owner does not have any right over the property.
Therefore, if you are using this method, then you should hand over the property through a gift deed to a very trustworthy person. Through a gift deed, you hand over a large part of the property to a person. Due to this, a situation of disagreement can also arise among other heirs of the property.
Manner of will
The method of transferring property through a will is more popular among people. Let us tell you that property can be transferred only after death through a will. A will is a legal document and it ensures that after your death the property goes to the rightful heir. One of the biggest advantages of a will is that you can retain your rights over the property for life.
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