In 2017, when 71-year-old Mandar Bhosle of Mumbai gifted his immovable property to his children out of love, he had not imagined becoming homeless. A year after gifting the house, his son asked Bhosle and his wife to move out. “I had signed the gift deed agreement that my son had prepared. At that time, I did not realise the implications,” says a depressed Bhosle, sitting in an old-age home.
Siddharth Hariani, Partner at Phoenix Legal says that most parents tend to get swayed by their love for their children and gift away their homes. “But they do not seek legal guidance when doing so and then have a feeling of not being treated well by the children,” he adds. Often, elderly parents do not approach legal advisors while signing the gift deed,