Q: I have only one daughter. I own a house and no bank balance.
1. Can I gift the house, my complete property to my daughter in my life and give full control over it to her? Can we stay with her in that house only after giving her the full control over it? I have heard that a gift can be given from 1/3rd of the property and a gift can be given to non heirs.
2. If I don't give the gift, what will be the shares of my only daughter and wife?
3. I had two brothers and two sisters out of which one brother has passed away. So what will be the share of my remaining brother and two sisters in my property?
4. Will my nephews and nieces inherit from my property as their father is no more?
NOTE: Please answer all these questions in the light of my case as I have only one daughter and no sons.