If a house is purchase in joint names and the agreement is silent on share of each owner then can it be assumed as 50% share i.e equal in case of 2 co-owners.....even if entire payment is made from one of the owners??
Dipen (Asst Taxation) 16 February 2013
If a house is purchase in joint names and the agreement is silent on share of each owner then can it be assumed as 50% share i.e equal in case of 2 co-owners.....even if entire payment is made from one of the owners??
Adv Akhtar Ali Sheikh (Property Law Consultant) 17 February 2013
Section 45 Transfer of property act.
45. Joint transfer for consideration
Where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to interests in such property identical, as nearly as may be, with the interests to which they were respectively entitled in the fund; and, where such consideration is paid out of separate funds belonging to them respectively, they are, in the absence of a contract to the contrary, respectively entitled to interests in such property in proportion to the shares of the consideration which they respectively advanced.
In the absence of evidence as to the interests in the fund to which they were respectively entitled, or as to the shares which they respectively advanced, such persons shall be presumed to be equally interested in the property.
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