Hindu Succession
Querist :
Anonymous
(Querist) 23 February 2010
This query is : Resolved
Sir, My father sold my grandfather's(his father) properties when we were young and invested the proceeds into his business. After some years he bought a property. Me and my brother are the only legal heirs in succession. My brother has one son and I have two sons. My question is; 1)How the property should be divided now 2)Is there any precedence of this sort in case laws and if so, details may please be given
B K Raghavendra Rao
(Expert) 23 February 2010
Your father should not have sold the ancestral property for the purpose of his business. It could have been sold only for the purposes of family necessities or legal necessities.
Now you and your brother are the only two successors for the property, you say. Property should be divided into two halves, one half being your share and the other your brother's.
This is presuming that your father is the only child of your grand-father and at present your parents are not alive and you have no other brorhers or sisters.
Querist :
Anonymous
(Querist) 07 March 2010
Respected Sir,
My father sold the ancestral land and capitalized the proceeds(income and sale)in business, a fact well established by consequent statutory records such as IT returns, tax payments etc.
In the Balance sheet of the year of purchase of new property, these proceeds were shown and one of the sources of funds for purchase of the property
I will be grateful for your esteemed opinion Sir.
