The visibly fragile couple`s displeasure was that their son abandoned them at his wife`s request and did not even give them money for medicine. The sub-chancellor could only show compassion to the older duo, for the lifting of the transaction could not be unilateral. The father had not set any conditions at the time of the transfer of ownership to his son. For comparisons, the consideration is not as immediate as in the case of a sale. Love and affection can be considered the consideration of property paid by a settlor to a column (Settlee may be a family member or even non-relative). Settlee may even be for a charitable or religious foundation – spiritual satisfaction being reflection, even marriage is a reflection for a settlement. A family comparison contract is useful because it is an amicable solution between the parties and does not take as long as a court. Note that the transfer of property from this contract should not be considered a gift nor does it constitute a transfer of rights. Therefore, there can be no question of capital gains tax. The Madras High Court ruled in this regard in the case of the Commissioner of Income Tax vs AL Ramanathan in 1998. Family members work together and divide the property among themselves by accepting a family residence status.
It is an out-of-court settlement that the court accepts. There is always discretion with the court at your disposal. In exercising this discretion, the Court may quash the agreement at any time if there is an alleged value of fraud or coercion. Both counsel and the Arbitral Tribunal carefully review the documents to determine whether a transaction contract can be transformed into an effective approval decision and protect the rights and interests of the parties in extreme cases. This is one of several cases where abandoned parents go to the registration service or apply through the courts for the revocation of the transfer of locked-in assets, said a senior official in the registrar. But the rule is clear: unconditional colonization bans cannot be lifted unilaterally. On the other hand, and following several court decisions, the Tamil Nadu Registration Department issued a circular allowing the settlor to set the conditions and simultaneously transfer the property for settlement.