Ancestral property
kinden
(Querist) 19 July 2014
This query is : Resolved
my parents have deceased......my father have one unsettled home loan.........we have not inherited anything from our parents......we have one ancestral property in the name of our decesed grandfather ....are we liable to pay from ancestral property
P. Venu
(Expert) 20 July 2014
You are liable when the ancestral property is devolved upon you.
prabhakar singh
(Expert) 20 July 2014
YOUR FATHER'S PROPERTIES AND HIS SHARE IN ANCESTRAL PROPERTIES ARE LIABLE TO DISCHARGE THE DEBT EVEN AFTER AMENDMENT OF 2005 ABOLISHING RULE OF PIOUS OBLIGATION TO DISCHARGE ANCESTRAL DEBTS.
PERSONALLY YOU SONS OR YOUR SELF ACQUIRED PROPERTIES OR SHARE IN ANCESTRAL PROPERTIES
ARE NOT LIABLE UNLESS A CASE IS ALREADY PENDING IN COURT BEFORE 2005.
Rajendra K Goyal
(Expert) 20 July 2014
Your father got home loan, in whose possession this property is? Bank must have mortgaged the property on which home loan was given.
You are also inheriting some ancestral property.
you are liable to pay.
T. Kalaiselvan, Advocate
(Expert) 20 July 2014
Rightly opined by expert Mr. Prabhakar Singh, I agree and endorse his views/opinions on the subject query.
