While the head of a Hindu undivided family (HUF) has the power to manage the family assets under the Hindu law, an ancestral property cannot be sold by the sole decision of one or part owners, since four generations have their claim over such a property.
Can undivided property be sold?
1. You can sell your undivided share in the property to a third person if the said buyer is willing to buy it and get it partitioned at a later date. Your cousin’s consent is not required to sell your share of property.
Can I sell undivided ancestral property in India?
– No, ancestral property cannot be sold without consent of successors , even if , the successors are not major.
How do you sell undivided interest in land?
To sell the whole piece, all owners must agree to sell. Joint tenancy gives rights of survivorship to the surviving co-owner when one of the owners dies. Consult a real estate attorney and review the conditions under which you can sell your property. Offer to sell your interest in the property to your partners.
How do I sell my ancestral house?
The properties of the paternal ancestors should be sold only with the consent of the successors. Without consent, these properties cannot be sold. But, it can be regained by filing a suit for the partition in a court. Similarly, if their part of share is denied one can send a legal notice demanding their rights.
How do you sell undivided property?
Yes, the undivided share can be transferred by way of registered sale deed signed by the other two owners as witnesses. But later the purchaser will give legal notice to the all the owners to to demarcate his property out of the undivided property.
How do I sell ancestral property without documents?
If you have been denied a share in your ancestral property, you can send a legal notice to the erring party. You can also file a suit for partition in the civil court, claiming your share. To ensure that the properties are not sold when the matter is sub-judice, you may seek injunction from the court in the same suit.
Can a ancestral property be sold?
No, ancestral property be cannot be sold without consent of successors in case of major and in in case of minority you might have to take permission from the court. And if property disposed without consent can be reclaimed.
How do I stop my father from selling ancestral property?
If your father is about to sell the property, you can file a Suit for permanent and mandatory injunction against your father for stay on that property for any further sale of the property.
2)Only the coparceners possess the right to alienate the joint family property. Yes. You can sell your shares without brother’s consent. But,legally, you would not be able to transfer your individual shares in the undivided HUF property unless there has been any partition of any kind among four of you.
Can you sell undivided land?
The short answer is yes, and the long answer is how. You have the legal right to sell your undivided property. The problem is finding a market for it. Others may not desire to step into your shoes and have co-owners of your property.
How do you divide undivided property?
The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration. The stamp duty payable in such a case is Rs 1,000 for each share of the property. Further, the registration fee will be Rs 500.
When a person owns an undivided interest in land he or she owns?
The main thing to know about being Tenants in Common is that each owner has what is called an “undivided interest” in the parcel. Having an undivided interest means that no one owner has a specific piece of the land, but rather a share (or “interest”) in the entire property.
Who can sell inherited property?
Generally, co-owners are free to transfer/sell their share in the inherited property. However, one co-owner cannot transfer the share of other co-owner without permission. Selling the share in inherited property involves an understanding of the nature of co-ownership and rights of all co-owners.
How do I transfer ancestral property to my name?
For a valid transfer, the deed must be registered as per Law. The land registry, i.e. the department for registration records the ownership for the public. Once the document is registered as per Law, it becomes the title deed, i.e. document showing the name of the person holding the title of the property.
Is sale of ancestral property taxable?
Tax liability of the sold-out ancestral property
This capital gain is taxed at 20.8% (including cess) with indexation. When the property is held for a period of less than 24 months from the date of acquisition, the gains from the property will be termed as short term capital gains.