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indu (md)     10 June 2014

Partition of joint family with different earning capacities

Hello friends,


My father and uncle are two sons of my grandfather.

My father is a tax auditor while my uncle is running the family business after expiry of grandfather.

Both father and uncle lived jointly since from birth till last year.

Many landed properties have been acquired during the lifetime of my grandfather..

Some are in the name of father, some are in the name of my uncle and some are jointly named..

While my father is having his profession while my uncle is running the family jointly business in which my father and family members too have deposits..

My father is willing to offer and share equally his entire earned income..

How to distribute jewelleries, monies and landed properties peacefully.

Please guide me..

Thanks a lot in anticipation..



Learning

 1 Replies

Kumar Doab (FIN)     10 June 2014

If Grandmother is alive she is eligible for one share……………

Apparently the division of the property already exits.

Your father is owner of the property in the name of your father likewise your uncle, and joint property is equally owned and business is owned as per % of the deposit and gold, jewellery is owned by the person who possesses it.

 

Assuming that all wealth was acquired during lifetime of Grandfather with the assets of Grandfather and family members are in favor of amicable settlement………………………

It is always good.

1.    The Grandfather’s estate may be divided in 2 equal portions, including the properties in single and joint names, earnings and assets from business, your father’s earnings, gold , jewellery, etc:

One for your father and one for your Father’s brother………………………

The share of Father and Uncle then can be further divided equally amongst their spouses and children……………….

 

  1. The property in the name of your father, your uncle be retained by them and joint be divided equally. The business share as per % deposits by family members be devided……………………………..and gold jewellery be retained by whoever possesses it…………………OR   gold jewellery be divided equally in 2 portions.

 

3.     The property in the name of your father, your uncle be retained by them and joint be divided equally. The business share gold jewellery be also divided equally………..

 

 

While settling equally there is nothing wrong in offering some thing extra to Uncle who has made the business flourish and has maintained the home/family/clan…………….

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