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Shah (aaa)     08 October 2012

Buy mhada property in a minor's name

Can a Mhada property be bought in the name of a minor?

Situation: We bought a Mhada property in name of my minor child. But recently I heard that it is not legal to buy a mhada property in name of a minor?

Is that true?

Please give some insight on this issue?

 

Thanks



Learning

 6 Replies

ABHIJEET PARIKH (Bcom LLB MBA)     08 October 2012

Kindly inform whether u bought directly from Mhada or u r a second or subsequent buyer ???

Condition will change accordingly

Shah (aaa)     08 October 2012

Subsequent... not directly from mhada

Shah (aaa)     08 October 2012

Can you please reply to this?

S Jadhav 98336 98330 (Jadhav & Associates)     08 October 2012

A contract cannot be executed by a minor. However, a guardian or a person authoried to do so can purchase a property in the name of the minor. But do keep in mind that the property would then belong to the minor and the guardian or the authorised person cannot sell the same without a court order.

Also if you are purchasing it in the name of the minor, where did the minor get the money from. Self-earned by the minor or is it your money you are investing in the name of your children? If it is your income then the income will be clubbed with your income and it will be considered your gift to the minor.

It does not amtter much if it is MHADA property. MHADA property will have some more restrictions or conditions for transfer.


Please look at the details and then decide.

S Jadhav

Shah (aaa)     08 October 2012

I need to have the property back since I need to sell it but the child now a major is refusing to sign. How should tht be handled?

Shah (aaa)     08 October 2012

Can I get mobile number so tht I can talk to one of u?

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