What is a Settlement deed and how it differs from a Gift deed?
In accordance with the various Succession laws, children or family members will not have right over the property during the lifetime of the owner. In that case, a partition may not be possible as they are not the co-owners of the property. In the case of Sale, there is a monetary exchange for the property transferred and registration is a costly affair. If it's a will, that will be applicable only after the death of the owner so the easiest way to transfer some property within the family members is either through Settlement deed or Gift deed.
In the case of Gift, there is no exchange of money and in the Settlement, consideration is not as direct as in the sale. Love and affection can be a consideration. Charitable or religious purposes, the satisfaction out of transfer can be the consideration and even marriage is also a consideration.
In the Transfer of Property Act, there is no specific narration of Settlement deed but refers only Gift but in the Kerala Stamp Act, Settlement is defined separately. A Settlee may or may not be a family member. If it's a Gift that has to be accepted by the receiver but in the case of Settlement there is no need for acceptance.
Settlement can be conditional or unconditional.
Partition of family property
Settlement deed
Gift deed
Will
Release deed
The Indian Succession Act 1925
Hindu Succession Act 1956
Muslim Personal Law (Shariat) Application Act 1937
Transfer of Property Act 1882
Dowry Prohibition Act 1961
Rights of a widow
Equal rights for male and female children under HS Act
Also, watch the following videos related to the Registration of WILL, Partition of family property, Precautions to be taken before purchasing any property, marriage registration etc..
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