Property disputes certainly are a common occurrence in India. Since greed is a superb levelled, wars over wealth take place throughout the strata, from low-income households to ultralight family members. Even an iron-clad will may become challenged by unhappy beneficiaries. The obvious solution for some squabbling relatives is to take the situation to the courts.
However, that can be a time-consuming, tedious and expensive process, which certainly not guarantees a satisfactory resolution. A a lot more amicable, and pocket-friendly, solution is to decide on Property dispute in family and family settlement. Here is an all set reckoned.
What is this?
In any nutshell, a family settlement is an agreement where family mutually work out how a house should get distributed among themselves. All the parties should be related together and have a claim to a share with the disputed property. The latter need not be restricted to real estate, but can also cover movable assets like jewellery or money in bank accounts. A family settlement is usually used to settle common property or joint property that the family owns and not person or self-acquired property.
Those who want to avoid protracted, public and messy court battles will see that family settlements are a more rapidly, more harmonious way to resolve differences. Of course, a family may not manage to reach a consensus, in which case the legal recourse is to out.
What is the process?
It is a conciliation process where a third particular person, usually a lawyer or a senior relative, helps the family arrive at a mutually acceptable property dispute resolution for the property dispute. A family settlement will not need to strictly be a single document including the distribution of assets. It are often a series of documents spelling out the house rights of each family member.
Point out, a family of two brothers plus a sister are squabbling over a smooth, an office and some ancestral diamond. They could draw up a settlement agreement stating the oldest brother gets the flat, the sister bags the jewellery as well as the office goes to the remaining brother or sister.
The most important thing to remember is that instrument is neither treated as something special nor as a transfer as per the Income tax laws. So one would have to set up separate transfer of property documents besides the family settlement agreement—to bring about a genuine transfer. This is where instruments like gift and sales deeds receive play.
What are the legal specifications?
Merely reaching a consensus is inadequate; a few legal formalities that really must be completed to make sure that the arrangement is valid. Firstly, the settlement document must be signed by the family members involved. A missing signature can easily grow to be ground for challenging the document in court at a later time. “In addition, as a safety decide, the document should be attested simply by two witnesses, though it is not necessarily mandatory,
The next step is always to register the agreement. According to Section 17 with the Indian Registration Act, a family settlement that purports to assign immovable property has to be mandatory registered or the deed could be invalid. A stamp duty is applicable on such deeds as well as the amount would depend on the value with the property involved.
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