Share of sale proceeds
Debashish
(Querist) 15 October 2014
This query is : Resolved
My father had a piece of land which he had sold just few months before his death.The sale proceeds had been deposited into his bank A/c which was held jointly by him and my mother.Now after his death, my mother claims that the entire sale proceeds is her property.My query is whether, legally as a heir of my deceased father, I have any right towards a portion of the sale proceeds.If so, plz mention what exactly needs to be done to receive my share of the sale proceeds.
Devajyoti Barman
(Expert) 15 October 2014
If your father has died intestate ( without will/gift deed) then you are along with his other legal heirs are equally entitled to his half share of money lying in the bank jointly with your mother.
Technically his legal heirs are entitled to equal shares of the sale proceeds but since the money is lying in joint bank a/c and is mingled with other money you are straightway entitled to your due share in half of the said money.
Anirudh
(Expert) 15 October 2014
Dear Mr. Debashish,
As far as the question as to who are all entitled to claim the balance lying in the joint-account is concerned, it will ordinarily depend upon the facts and circumstances of the case relating to the opening of the account showing the intention of the parties and if from the facts and circumstances, it can be held that the intention was to make the survivor the owner of the amount lying in the account then the survivor and not the heirs would be entitled to recover the amount.
However, if the facts and circumstances do not establish any such intention, although the holder of the joint account may be authorized to withdraw the amount, the said surviving joint account holder would be bound to restore that amount to the heirs / legal representatives of the deceased joint holder.
ajay sethi
(Expert) 15 October 2014
agree with experts
Rajendra K Goyal
(Expert) 15 October 2014
Basically your mother can withdraw full balance in the account if the account was Either or survivor, former / later or survivor, both or survivor. If the account was operative both or by any one without survivorship clause the amount would be payable by the Bank to all the legal heirs jointly.
