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A, B & C were brothers belonged to hindu undivided family, they had immovable ancestral properties, and they had joint business firm. In 1954 due to differences they came to a conclusion for a final settlement with regard to the immovable properties. On going through the accounts they found that the share of assets of B & C was equal to the share of liabilities in joint family business firm. So, B & C found that it is not possible for them to continue as co-sharers of immovable properties. So, they executed a release deed (themselves and on behalf of there minor male issues)in favour of A alone (the names of minor male issues of A is not mentioned in the deed} and gave up all rights and interests in entire immovable properties for which each of them received Rs.4ooo/- as consideration from A. My question is- by paying consideration to B and C did the entire ancestral properties became self acquired properties of A? I am asking this question with regard to male issues of A, for them it remains as ancestral property or it becomes self acquired property of there father (that is A)?  |
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