entire sales consideration payment made by one co-owner
Under construction property purchased in the name of A and B where entire sales consideration payment made by B. This means neither this is a self acquired property nor achestral where A's share needs to devolve among legal heirs given that A was a housewife had no earnings and died intestate.
Question is: Does this entire sales consideration payment will lead to the sole ownership of this property to B?
Please advise more
Question is: Does this entire sales consideration payment will lead to the sole ownership of this property to B?
Please advise more
Viewed by 434
As long as the property is registered in the names of A and B, both of them are joint owners of the same, irrespective of the fact, that entire sale consideration is paid by one of them. more
Jun 11
1. If the payment and claim set under HUF , it cannot be a Self acquired Property of A. If the payment is through B's individual , it becomes the Joint property of both A and B since they are the Couple. 2. If there are proofs that B was given A's periodical incomes or that from Pasupu Kumkuma, the property is to be devolved . more
Jun 10
If B is Cultured/ Educated gentlemen/ gentle lady then will think of legal heirs share & divide acc., if not will go to Tortoise Speed option. more
Jun 10
Sales proceeds payments of entire consideration will not automatically establish sole ownership unless it is justified why other should not be considered & why his name was included. Sent from Yahoo Mail for iPhone On Sunday, June 10, 2018, 5:59 AM, Rajesh Wadhwa wrote: more
Jun 10
When a property is registered under joint names, by default it is assumed that both have equal shares. Latter one can make a release deed to transfer his/her portion in favour of other person, making him/her as 100% owner. Now if any of the joint owner dies intestate, his/her 50% share will be changed to other person name, after few press notices & court processes. It does not matter, who had paid for the acquired property. more
Jun 10
