weareliferuiner

  • Home
  • TECH
    • APP
    • APP REVIEW
    • GADGETS
    • IOS
    • MAC
    • SMARTPHONE
  • COMMUNICATION
  • LIFESTYLE
    • BEAUTY
    • FAMILY
    • FESTIVAL
    • FITNESS
    • FOOD & DRINK
    • HEALTH
  • MONEY
  • Chocolate
  • PRODUCTIVITY
  • NEWS
  • Contact Us !
Reading: HUF property is distinct from one acquired by an individual
Share
Aa
Aa
weareliferuinerweareliferuiner
Search
  • Home
  • TECH
    • APP
    • APP REVIEW
    • GADGETS
    • IOS
    • MAC
    • SMARTPHONE
  • COMMUNICATION
  • LIFESTYLE
    • BEAUTY
    • FAMILY
    • FESTIVAL
    • FITNESS
    • FOOD & DRINK
    • HEALTH
  • MONEY
  • Chocolate
  • PRODUCTIVITY
  • NEWS
  • Contact Us !
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
weareliferuiner > Uncategorized > HUF property is distinct from one acquired by an individual
Uncategorized

HUF property is distinct from one acquired by an individual

sristy
Last updated: 2016/03/22 at 4:43 PM
By sristy 3 Min Read
Share
SHARE

iStockPhotoiStockPhoto

Our family has a 80-year-old ancestral property in Barrackpore, near Kolkata. We want to sell this property. While dividing this house (to calculate each one’s share), do we need to keep an equal share for parents as well or does the house have to be divided only among children equally? Also, who all will be entitled to a share apart from the parents, if they are entitled to it? What is the law for such a process?

—Rajat Kapoor

We have assumed for the purpose of our response that the person who has asked the question is a Hindu governed by Mitakshara law and accordingly Hindu Mitakshara Law would apply. We have also assumed that the querist is part of a Hindu Undivided Family (HUF) that comprises your parents and siblings and that you are referring to a division of the HUF property.

Under Hindu law, HUF property is distinct from self-acquired property of an individual and is governed by the two schools of Hindu law, Mitakshara and Dayabhaga.

Under Hindu law, every coparcener is entitled to demand partition and a get a share in the HUF when partition is effected. (After the 2005 amendment to the Hindu Succession Act, 1956, daughters of a coparcener are also included as coparceners and are entitled to a share on partition.)

Wives are members of the HUF but are not coparceners and hence not entitled to seek partition but are entitled to a share in case partition takes place between the husband and sons (and now also daughters).

In the given case, the father and each of the children (including daughters after the 2005 amendment) would be the coparceners of the HUF.

Therefore, if the HUF (ancestral) property is proposed to be partitioned, then, on partition, all the coparceners and, in this case your mother, as a member, would be entitled to a share in the HUF property.

However, a coparcener can always opt not to receive her share and allocate the same to another coparcener.

If the ancestral property is not an HUF property (but property which you have inherited from any ancestor which was his self-acquired property) and it is vested in you absolutely, you may deal with the property vested in you as you deem fit, during your lifetime or through your Will. You do not need to keep any share for your parents or for any other person.

[“Source-Livemint”]

TAGGED: acquired, an, by, distinct, from, HUF, individual, is, one, property
sristy March 22, 2016
Previous Article Emerging market ETFs surge $2.72 billion, turn positive for year
Next Article One-minute guide: Savings account charges

Latest News

Try out the Samsung Collection app that Chinese users exclusively enjoy!
APP
The iPhone 17’s launch date has been revealed: Apple may release this enigmatic gadget on…
GADGETS
Due to the second wave of COVID-19
SMARTPHONE
Back to basics: How simple fitness outperforms every trend
FITNESS
Vivo T4 Pro Teased to Launch in India Soon; to Be Available on Flipkart
GADGETS
Explained: How the govt is planning to evaluate students’ fitness in schools
FITNESS
Doctors shouldn’t be allowed to object to medical care
HEALTH
How do I begin? Wellness and Fitness for Busy Women: A Guide
LIFESTYLE

Removed from reading list

Undo

Lost your password?