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How to part the family property – all details 

 

      Family property provides a way to protect  family  property if one spouse is wasting  it to avoid it being divided. It sets rules to determine the value  of different  assets. When a spouse makes a court application to have divided  the family  property. Family property is the personal  property owned by one or both spouses .It includes land and anything attached to the land.Court can make an order preventing a spouse from selling property. Family property  is owned collectively by the family as a whole. 

      Partition of a property is to divide the property to different  people. It is a division  of a property jointly by several  persons. Each one gets a share.The partition is done by dividing the property according  to shares .Each divided property has new titles .Partition is the combination  of surrender  and transfer of rights .In case of partition  is by consent,deed is executed  by coating owners. The partition  feed should  be registered at the sub registrar office .You should pay Rs 1000 for each share of the property. The registration fee is Rs 500.

      Coparcenary property can be divided.It is ancestral property. Partition  is a division of property, held jointly by some people,each person gets shares. If property can be partitioned without  destroying  value , the partition  has to be done.Impartible estates are not partitioned.

       They can divide with the support  of a court or their own decision.  We can check if a property  has collective ownership. Partnership rights will be described in detail in the partition  papers. There are different  types of laws for the rights of succession. In the Indian succession act, enacted to codify the law relating  to unfilled succession.  It defines the rule of devolution of a land in case a person dies without making a will. After the death of a person, widows have 1/10 gifts and children have ⅔ rights . Here the partition  is not necessary. They can divide the land equally. 

       Let’s see how the stock is determined. It is not mandatory  for everyone  to share .It also has the right to receive shares as money. It is not legal to divide self made for ancestral property while the owner is still alive.you can be given on settlement  basis, conveyance deed, or donation  basis. 

       Property with more heirs,you cannot divide it properly, the court may decide to auction off and the shares can be issued on a regular  basis. It is essential to measure and verify the property at the time of partitioning and add the exact details to the base. You should add the name, photo, signature  in the partition  papers. Two witnesses are essential  here. There is 15 % stamp duty of the department and 1 percentage fees charged for the partition paper  between the family members.

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