Hi,
Facts of the case are as follows-
1. A lady has the tenancy rights in a Shop Premise at Mumbai acquired long back.
2. She is a partner in a firm in which other partners are her daughter, son-in-law and grand-son out of whom, 2 are working partners. Firm is shown to be having its business run from the same premise.
3. She wants to make a Will Deed as regards transfer of tenancy rights in the said shop premise after her death.
4. I came to know that A TENANTED PROPERTY CANNOT BE WILLED. Is it so?
5. If it is so, can she just make a wish in the Will Deed that She wants to transfer the tenancy rights either in the name of firm or partners of the firm or her legal heirs? Will such a Deed stand in the court of law? I mean, will it be binding on the Owner to act as per the will deed?
6. As in case of sale of tenancy rights, owner is allowed to charge a premium on such transaction for effecting such sale; can he demand any such premium in case of transfer of tenancy rights too? If yes, how much? Any maximum limit (in % terms) is specified in law for such premium?
7. What are the other ways to transfer the tenancy rights in the name of a firm or other partners or legal heirs?
Pls reply. Thanks.