Joint property - couples
Guest
(Querist) 02 April 2016
This query is : Resolved
Hello experts
we recently purchased a land as a 50:50 joint ownership between me and husband.
The land is purchased via home loan and our salary income, after validation from the bank for requirements.
Before purchasing this property, my husband wanted an opinion from his auditor and i went along with.
The auditor after hearing the plan to buy the property as joint between us (couples) stated very casually that there might be "legal heir" problems in future.
My husband did not react to this, we discussed few other queries on wealth tax and proceeded to lawyer for legality verification of property papers and completed the purchase.
Question :
We are recently married (2 yrs) and have no kids until now. Since this is a joint ownership property, "what & how" does the legal heir problem mean to us.
Also this is self acquired , we are paying the home loan back through our income.
Since we are couples, Legal heir is only the children we will have, so what does this statement from auditor really means ?
Is there something i am overlooking to the auditor's statement in this context.
Kindly clarify your opinion, thanks.
selva perumal
(Expert) 02 April 2016
Nothing to worry about it, there will not be any issues regarding the legal heir ship.He would have misconception of the fact regarding the self acquired property and ancestral property.
Guest
(Querist) 02 April 2016
thank you sir.
I was worried if he is indicating there is some hidden problem i am unaware of.
Rajendra K Goyal
(Expert) 02 April 2016
There is no problem.
This is self acquired property, you can bequeath it, if you do not want that the property to be inherited by the legal heirs.
Kumar Doab
(Expert) 03 April 2016
It is good that you have consulted.
In case of a doubt or need prefer to consult an able counsel specializing in respective field.
You have not indicated which personal law shall apply to you?
The legal heirs of owner are in line with personal law that applies to owner e.g. Hindu Succession Laws.
If you are Hindu then:
In case of male: ClassI legal heir(s) shall have first right for equal share i.e. Mother, spouse, sons, daughters
In case of female; (self acquired property) shall devolve upon husband and sons and daughters
In case of self acquired property each of you can give away your share in your lifetime by a valid deed e.g; WILL/Sale/Gift/Transfer/Relinquishment/Release etc.................
Home Loan is a secured debt and lender has a right on estate, equal to accrued debt, till debt is paid in full.
Register any deed that you may choose.
