can a coparcenar become absolute owner by paying consideration?
Vasanth K R
(Querist) 24 July 2011
This query is : Resolved
A, B & C were brothers belonged to hindu undivided family, they had immovable ancestral properties, and they had joint business firm. In 1954 due to differences they came to a conclusion for a final settlement with regard to the immovable properties. On going through the accounts they found that the share of assets of B & C was equal to the share of liabilities in joint family business firm. So, B & C found that it is not possible for them to continue as co-sharers of immovable properties. So, they executed a release deed (themselves and on behalf of there minor male issues)in favour of A alone (the names of minor male issues of A is not mentioned in the deed} and gave up all rights and interests in entire immovable properties for which each of them received Rs.4ooo/- as consideration from A. My question is- by paying consideration to B and C did the entire ancestral properties became self acquired properties of A? I am asking this question with regard to male issues of A, for them it remains as ancestral property or it becomes self acquired property of there father (that is A)?
R.Ramachandran
(Expert) 25 July 2011
From the facts revealed by you, the portions sold by B and C would be personal property in the hands of "A" and not ancestral property.
