JOINT HOLDER IN PROPERTY- RIGHTS

Querist : Anonymous (Querist) 11 October 2010 This query is : Resolved
What are the rights of a non-contributing joint-holder in immoveable property- on the demise of the first holder does the joint-holder automatically become the owner?
What are the liabilities if any of the joint holder under Gift Tax Act? Will it be considered a gift and become taxable?

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adv. rajeev ( rajoo ) (Expert) 11 October 2010
joint holder is only entitled for his share only even though he is not contributing holder. For the remaining i.e., deceased joint holder's legal heirs are entittled for the deceased joint holder's share.

Kiran Kumar (Expert) 11 October 2010
well advised by Adv. Rajeev.

the property will not become a gift, it will be subject to partition among the legal heirs as per their share.

R.Ramachandran (Expert) 11 October 2010
Just because the joint owner had not contributed to the property, it would not make it a gifted property in the joint-owner's hand. For all purposes, it is the self-property (to the extent of his/her share in the said property).
Therefore, the joint-owner would not be liable to any gift tax under Gift Tax Act.

Devajyoti Barman (Expert) 12 October 2010
Yes.

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