ancestral property
Vasanth K R
(Querist) 19 June 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 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?
prabhakar singh
(Expert) 19 June 2011
question is- by paying consideration to B and C did the entire ancestral properties became self acquired properties of A?
"YES" is my answer based on facts stated by you.
However the transfer is voidable at the option of minors,if they elect to do so on the date they attain majority.
Vasanth K R
(Querist) 20 June 2011
Dear Mr.Prabhakar Singh, thank you for your reply. There is no dispute from the side of male issues of B & C. Dispute is between the male issues of A. After the execution of release deeds by B & C in favour of A, the joint family business came to the part of A and the the business was continued by A and his male issues. The consideration amount paid by A with respect to the share of B & C came from the same business firm's income. So, with regard to the male issues of A what is the charactor of the property in the hands of A? It remains ancestral or it becomes a coparcenary property? How these different charactor of property will affect the rights of male issues of A?
abhishek
(Expert) 20 June 2011
at the time of release deed the A has male issues (minor) and at that time the male issues were also cosharers. so for them the property is ancestral even at this time too as the deal among A B AND C were without their knowledge and consent
Vasanth K R
(Querist) 23 June 2011
Thank you Abhishek for your reply. So, even after paying consideration to B & C the property will not be self acquired of A right? I will be very glad if you can please refer suitable judgement and laws applicable
