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Gift of a property is usually a Potentially Exempt Transfer (PET). Therefore, after gifting the property, if the donor survives for 7 years then the children don't have to pay inheritance tax, as the property will fall outside the estate of the donor.

Answers (2)Yes you can purchase property in your daughter's name. As she is minor she should be represented by you for registration of property in her name. Once you purchase the property you will not be entitle to sell it in future without the permission of court, unless she attains majority.

As a homeowner, you are permitted to give your property to your children at any time, even if you live in it.

Gifting Property to the children.Gift of a property is usually a Potentially Exempt Transfer (PET). Therefore, after gifting the property, if the donor survives for 7 years then the children don't have to pay inheritance tax, as the property will fall outside the estate of the donor.

Your father can transfer the property either by making a registered family arrangement to both of you as per desire. By this she cannot raise any dispute at any stage. Alternately he can transfer the property by executing a registered gift deed to both of you again as per his desire.

How To Gift Real Estate To Children Tax FreeGift Real Estate During Lifetime.Gift Real Estate After Death.Own properties as joint tenants with the right of survivorship.Pass on properties via will.Own properties in a corporation.Own properties in a trust.Qualified Personal Property Trust.Jan 7, 2016

A child under 18 cannot take legal title to property, so there are two ways in which the property can be held: a simple 'bare trust' or a more formally constituted trust, such as a life interest or discretionary trust. Under a 'bare trust', another person holds the title to the property as a nominee.

Gifting property to family members with deed of gift Despite the amounts involved, it is possible to transfer ownership of your property without money changing hands. This process can either be called a deed of gift or transfer of gift, both definitions mean the same thing.

Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.

In simple terms no! As a homeowner, you are permitted to give your property to your children at any time, even if you live in it.