I own a house which is self acquired property purchased out of my earnings. I have two children, a son and daughter. My son is married and is living separately. My daughter is unmarried and is living with me in my house and is taking care of me. I am aged and want that my daughter should get my house but want that the house should be in my possession as long as I am alive. Please advise how to proceed.
You can transfer the house to your daughter either by way of gift or by making a will. Making gift is preferable as will is operative only after the death. The contents and genuiniy of the will may be questioned by other claimants. However, a gift becomes operative immediately subject to the conditions mentioned in the deed. Proper protective clauses to ensure that you continue to be in possession of the property as long as you are alive should be incorporated. Such conditional clauses are permitted in gift deed as per Section 126 of Transfer of Property Act 1882. The gift deed should be adequately stamped and registered.