Manuj (Associate) 20 October 2012

Property jointly owned with parents, partly paid for by me

Dear advisors,

My father purchased a property in Bangalore for 30 Lakhs, where he paid the initial downpayment and margin amounting to approximately 8 Lakhs. Since the loan has been disbursed, I have been making the payment towards monthly installments (25k per month). The property was registered jointly in the names of my father, mother and myself.

Presently we are partitioning the property and undecided on how this needs to be carried out - I have a sibling, whom a part of this property needs to go to.

Looking forward to your advice.

Thanks for this.

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2 Replies

Advocate Rohit (Advocate) 20 October 2012

In this property you have your own share as per the ratio of total contribution made by you. further with respect to your parents share in this property, it is to be seen how they want to divide their share in the property...

your parents will decide about division of their share as per their wish.

The decision of your parents pertaining to their share in the property solely depends upon them neither you and your sibling can claim an y right on their share without their wish.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

Adv Akhtar Ali Sheikh (Property Law Consultant) 20 October 2012

If there is no mention in the sale deed about your individual shares in the property, it shall be presumed under law that you three are entitled equally in the said property, if you desire otherwise then you must obtain a decree from the court.