Co-ownership

Venkat (Querist) 14 July 2022 This query is : Resolved
We 7 of us jointly own a commercial property, wherein we get the rent in our individual names proportionate to our holding percentage. We find it difficult to collect money from all the co-owners for maintenance, payment of property taxes etc. Hence we decided to open an joint account in a bank and remit the rents to that account and disburse the amounts after adjusting the expenditures. But banks are not permitting a joint account of more than 3 persons. 1. Is there any other way to address this issue? 2. Can a co-ownership get a PAN?

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Seven co-owners of a commercial property are facing difficulties collecting funds for maintenance and taxes due to rent being paid individually. They proposed opening a joint bank account but found banks limit joint accounts to three people. The discussion explores alternative solutions, including granting a General Power of Attorney to one owner to manage finances and the possibility of obtaining a PAN for the co-ownership.

kavksatyanarayana (Expert) 14 July 2022
Six members out of 7 members may give a General Power of Attorney in favour of one member to collect rents, pay taxes. maintenance, and deposit in the Bank for the properties you have. And add a clause that the statement of income and expenditure shall be handed over to the principals (to six members).

kavksatyanarayana (Expert) 14 July 2022
Pan cannot be issued for joint ownership property.

Dr J C Vashista (Expert) 15 July 2022
Contact your bank manager.
However, "NO" legal issue is involved in the facts vis-a-vis query for consideration and obligation of experts on this platform qua opening account.

P. Venu (Expert) 15 July 2022
yes, the posting suggests no legal issues.

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