Is it possible for a father to buy a flat in the name of his sons with the payment transaction done through his own account ?
Does Benami Transactioon Prohibition Act allow this ?
if so, who is the real owner- father or son ?
Jayanti Devi (Student) 17 November 2017
Is it possible for a father to buy a flat in the name of his sons with the payment transaction done through his own account ?
Does Benami Transactioon Prohibition Act allow this ?
if so, who is the real owner- father or son ?
G.L.N. Prasad (Retired employee.) 18 November 2017
It is proper for parents to get properties in the name of undivided childeren out of love and affection and is not covered under Benami Act.
It depends on the status of the family. If there is no partition in the family, and if the son is dependant, and if there is no scope for him to invest in such asset, if he is undivided, if there is some source of ancestral funds, though the property stands in the name of his son, the property belongs to joint family.
You have to contact advocate for more details.
Jayanti Devi (Student) 18 November 2017
Oh k, Here is the status of the family
Retired Father bought in name of two sons in year 2000.
Father Expired - Mother living/residing in flat
Two sons were working but now almost retired
One son has already bought another flat but one of them do not have scope to invest in such asset.
Father's will states that he has bequeathed flat to son who does not have scope to invest in such asset.
Now question is who is the real owner ? Father/Sons/Joint ?
If it is joint, can any one son sell his portion to a third party ?
G.L.N. Prasad (Retired employee.) 18 November 2017
Date of father's expiry, the name in which the property stands after the death, who is in actual possession , the stand of the other son etc. , if the property still is standing in the name of both sons, the authority of father when the property is already in the name of sons jointly, Action taken on will, the actual statement in the will whether any name was mentioned or riddle or any rights were granted to motherl during life time etc. Contact a local advocate for precise guidance
Jayanti Devi (Student) 18 November 2017
Father expired in 2007. Currently name stands in both sons based on the deed where both sons are purchasers and father a confirming party.
No Probate yet filed on will
Father has mentioned in will that he resides with mother and has made mother and sister the executor of the will and made it operative after the expiry of mother.
But,Son who already has bought another flat is willing to sell off to a third party because he is a purchaser in the deed
Can this son sell off his share to a third party ??
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