Property law

The proper course is to set off the liability first after selling the asset and then sharing the rest of the amount.  Sale value  1.2 cr minus liability of Rs.30 lakhs 90 lakhs should be shared in between 6 siblings equally.  Whether one holder is rich or another poor is individual question, the law do not consider those and property has to be equally shared.  

The asset value is much much more than the Debt. That does not mean that whoever pays that small debt can take the entire property. Asking like that is unfair.

The better way is to sell the property with the consent of your father, pay off the debt, and the balance is shared equally by everybody including your father. Your father's share, he can give whoever looks after him. It is better all brothers/siblings have a family meet along with elders in the family and your father and settle the matter amicably.

Good evening,

According to Hindu Succession Act, every sibling will have equal share of property and debt amongst themselves. The economic status of any sibling(s) doesn't play a big role in the distribution of land. The better way is for all of you to equally pay off the debt, and divide the property equally. 

You can also sell the property, with the consent of your father of course, in order to pay off the debt. Here again, the economic status of your siblings don't play a role. 

The remainder of the money can, be divided within the family equally. 

Hope this helped!

Regards,

Nandini.

Thank you experts. 

two points - 

1. Father is not quite in a situation / rapport to sit and talk about property and stuff with the children. 

2. One friend of mine (Lawyer) tells me that my siblings cannot create an agreement around a property that is not yet their. Like it may be our's in the time to come but for now, it is not. I hope I am able to convey. 

The property is in the name of your Father and no matter what his position is, nothing can be done about the property like alienating or selling it as long as he is alive. It requires his consent in writing without which any deal shall be invalid. Just because the two siblings can afford to clear the dues, which are disproportionately lesser in value than the value of the property, they cannot claim the entire property. Your Lawyer Friend is correct.

You may plan to have a family settlement deed duly signed by your Father and all Children clearly mentioning all the points and getting it registered so that there shall not be any problem at a later date.  Foremost, the loan needs to be cleared. Otherwise, it shall be growing with periodical interest and it is not known whether the property value enhances in tune with the loan interest. You Father may not be in a position to sit with Children and discuss and settle the matter due to his age etc. Important thing is that all Children should be able to sit together and amicably settle the matter and explain the outcome to your father for his consent and doing the needful.

Originally posted by : Maneesh mv
	My father is 85 plus and has 6 children including me. There is one property that is around 1.2 Cr. Out of 6, 2 of my siblings are well off and others are middle class. Now there is a business debt of around 30 Lac that my father has to give to the market. My siblings have offered that they will pay the debt but then the other 4 siblings, including me, will not / should not ask for the share in the property. Is it right of we agree to this agreement? Is there a better way?

It is your personal decision and not a legal query.