Secure Your Property: Pooja Patel's Essential Tips for Owners

When you purchase a property in someone else's name, such as your parents', you can believe that this will save you money on taxes. But this strategy might cause problems if you wish to keep full ownership. According to financial expert Pooja Patel, your siblings might legally claim a portion of the property if it is not registered in your name. Here's how you can ensure you retain complete ownership of your property:

1. Know the Risk:

• If you've bought a house in your parents name to save taxes and have other benefits, then your siblings might have the right to claim a portion of it. This problem often arises when the property is not legally yours.

2. No Objection Certificate:

• If you want full ownership of property, you can request that your siblings sign a no objection certificate. This document declares they have no claim to the property. But it can prove challenging for you if your siblings refuse to sign.

3. Use a Gift Deed:

• A more safe option is to have your parents transfer the property to your name through a gift deed.
• A gift deed is a legal instrument that transfers ownership of a property from one person to another as a gift.

4. Make a Will:

• Another key step involves creating a will. This document outlines how your assets should be split up after you die.
• A will helps make sure your wishes are carried out and can stop future fights among relatives.

5. Secure Your Investment:

• Always check that any property you purchase is covered by legal documents like a will or gift deed. This helps clear up any mix-ups and makes sure you stay in full control of your property.

View this post on Instagram

A post shared by POOJA PATEL • FINANCE • MyFundSIP (@profittiger_)

In conclusion, if you've purchased property in your parents' name, take steps to secure ownership. Obtaining a no objection certificate, using a gift deed, and creating a will are all important steps to guarantee that your property remains under your control.