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SETTLEMENT DEED WITH A LIFE INTEREST

SETTLEMENT AND LIFE INTEREST

REMAINDER

TITLE, DUES AND AUTHORITY

PROPERTY SCHEDULE

RECORD PARTICULARS

What is the relationship between donor and donee? __________

LIFE ESTATE BOUNDARY

The life tenant keeps only the possession, residence or income rights expressly reserved. The remainder holder receives the proprietary interest stated in the deed, subject to that life estate, and the life tenant cannot convey a greater estate than was retained.

POSSESSORY SHIFT

On the life tenant death, the reserved life interest ends according to its terms and the beneficiary remainder becomes fully possessory without requiring a new gift from the settlor. Administrative succession or record-update steps may still be needed to evidence the change.

LEGAL BASIS

Punjab: Sections 122 and 123 of the Transfer of Property Act, 1882 define a gift and require a gift of immovable property to be made by a registered instrument signed by or for the donor and attested by at least two witnesses. The jurisdictional Sub-Registrar receives a registrable property instrument under section 17 of the Registration Act, 1908; section 23 gives four months for presentation and section 25 contains the limited further-period route. If the property is authority-allotted, section 43(7) permission must cover the settlement. A refusal to register follows sections 72 or 73 of the Registration Act, 1908 according to the ground of refusal.

Chandigarh: Sections 122 and 123 of the Transfer of Property Act, 1882 define a gift and require a gift of immovable property to be made by a registered instrument signed by or for the donor and attested by at least two witnesses. The Sub-Registrar, UT Chandigarh receives a registrable property instrument under the Registration Act, 1908. For a sector/estate property, the registered result must also be reflected in the Estate Office file under the Capital of Punjab (Development and Regulation) Act, 1952 and Chandigarh Estate Rules, 2007. The precise Estate Office fee for a life-interest settlement entry was not confirmed. A refusal to register follows sections 72 or 73 of the Registration Act, 1908 according to the ground of refusal.

PERSONAL DATA NOTICE

This notice is given under the Digital Personal Data Protection Act, 2023.

The purpose of collecting personal data in this life-interest settlement is to identify the settlor, beneficiary and life tenant, define the reserved life estate and remainder, and support registration and property-record updates.

If the matter does not proceed, the personal data will be retained for 90 days and then erased. If the matter proceeds, the record will be retained for the matter plus 12 months, except where a statute requires a longer named retention period.

Data minimisation: this document does not collect a full Aadhaar number, an Aadhaar-card copy, a password or bank credentials.

SIGNATURE