3 Answers
Hello,
Yes, it is possible.
The deed must be registered and appropriate stamp duty must be paid.
There is no bar in law for the same.
For further discussions feel free to connect with me through OLQ.
Dear Sir, as per your query,
Since it is self-acquired, the father is the absolute owner.
The children (son and daughter) have no legal right or claim over it while he is alive.
Therefore, a "family settlement" technically cannot be imposed — but it can still be made if the father voluntarily agrees to distribute or earmark portions of his property among his heirs out of love and affection.
For further details & clarification, feel free to contact our OLQ Team for a detailed discussion.
Dear Sir,
It Can Be Done Voluntarily
If the father voluntarily wants to distribute or settle his self-acquired property among his children while he is alive, he can do so through one of the following:
Gift Deed – Father transfers property (whole or in part) immediately to son/daughter.
Must be registered under Section 17 of the Registration Act, 1908.
Stamp duty applicable as per State rates.
Registered Family Settlement / Memorandum of Understanding (MOU) –
Father and children record how he intends to distribute property.
It’s valid only if it is voluntary and with father’s consent.
Must be registered if it affects immovable property rights (as per Section 17(1)(b), Registration Act).
Acts essentially as a declaration of intent or gift-like transfer, not as a partition.
Will – Father may execute a Will distributing property, which takes effect only after his death.