Son liability in case of father debt
Shashii
(Querist) 14 February 2013
This query is : Resolved
my father died a month ago. he owes approx 10 lacs to a jeweler(not all is in papers). in any way im not related to any of these transaction. will i be made legally liable to repay the debt? my father has a life insurance for 5 lacs and a shop under pagdi worth 20 lacs. what shall be my position if they claim the o/s debt from me from these sources? can the jeweler for claim attach any bank account or any FD's which are under joint names of father and mother?
ANIL KUMAR 8867907494
(Expert) 14 February 2013
After the death of ur father if u want any share in movable and immovable property then u will be responsible for his debt to that extent , the jeweler can attach all ur father's assets and recover his money so can't escape try to repay it
C. P. CHUGH
(Expert) 14 February 2013
Your Liability is restricted to the Estate of your Father being inherited by you or actual liability which ever is less.
ajay sethi
(Expert) 14 February 2013
the jweller dosent have documentary evidence to prove debt of Rs 10 lakhs as mentioned by you . in the event he files a case you will be liable to extent that you have inherited your father property .
Shashii
(Querist) 15 February 2013
sir, with due respect to the above mentioned case, let me add that my father has insurance policy worth 5 lacs and pagdi property worth 15 lacs. Although I can look for settling off the debt thru these resources. my question is can I secure the FD's and the residential property from being attached for recovery by changing the names to that of my mother and my wife. Currently the FD's and residential property are under joint names of my father and mother.
ajay sethi
(Expert) 15 February 2013
the crediotr will file case aginst your mother too as she is leagl heir of debtor and has inherited fixed deposits belonging to your father .
settle with creditor pay his dues
c.p.s. ramachary
(Expert) 15 February 2013
Legal heirs of the deceased have no personal liability but their liability is limited to the extent of the properties (both movable and immovable)inherited by them from the deceased. Mutation(changing of name or title to the properties)does not save the legal heirs from their liability to the said debtor. Hence to avoid unwarranted litigation and tension settle the dues of the debtor amicably as Mr Ajay Sethiji opined.
prabhakar singh
(Expert) 15 February 2013
The rule of 'pious obligation of son to discharge father's debt' has been said 'good by'by amendment in Hindu Succession Act.
Hence sons are not personally liable.Only debtors properties are liable.When one dies living properties,his debts are to be legally paid first before distribution among his heirs.
R.V.RAO
(Expert) 27 February 2014
since you are confident to settle the jewellery debts(to the extent they are apparant on records and supported by bills receipts etc...) of approx.Rs.ten lacs through your pagdi property and LIC policy,( with security value Rs 20 lacs together ,the debt is 200% secured),there is no need to offer any other asset .
In view of your above comfortable position,you go ahead ,settle amicably the jewellery dues as per records. then transfer house and F.D in your mother and or spouse name.
