Share for wards

Durairaj G (Querist) 21 January 2011 This query is : Resolved
My spouse & I have a immovable property jointly registered in our names purchased with the our savings. Recently I lost my partner and now due to financial need I want to dispose of the flat selling the same. Do I have to share the sale proceeds with my wards, a son and daughter. Kindly advice, I shall be thankful

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A V Vishal (Expert) 21 January 2011
Mr Durairaj,

As far as your share in the jointly acquired property is concerned, there is absolutely no necessity to share the part of sale proceeds with your wards and for the share of your partner, the sale proceeds should be distributed equally amongst all the Class I heirs, the sale will be however subject to no objection of the wards in your partner's share.

Durairaj G (Querist) 21 January 2011
Thank you, Sir.

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