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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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.