you would have 60 per cent hare in sale proceeds and your father 40 %share
2) in other words 1.20 crores would be you share in property
Residential property
Hi, I have a residential property (2bnk) in Mumbai worth around 2 crore. I have bought it in 2006 for 50 lacs (30 lacs by myself and remaining 20 lacs by my father). I have one younger brother. So if I want to sale this property how the sale proceeds will be divided?. Thank you Regards, Tejas Shah
Asked 7 years ago in Property Law
Religion: Hindu
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9 Answers
Thanks Ajay. My father share will be divided equally or as per my father's wish?
Asked 7 years ago
your father paid 40 per cent of sale consideration . he can claim 40 per cent share in sale proceeds
as per your father wish, if there is any share in the property's documents.
1. In whose name the said property stands?
2. Is it in your name or in the name of your father?
3. If it is in your name then you can either return the amount of rs.20 lakhs you had taken on loan from your father with interest or assign pro-rata capita gain on the said rs.20 lakhs to be very fare in the deal
4. If your father is alive then the said amount mentioned above shall have to be paid to him by you.
5. If he has demised, intestate, then the said amount so arrived at by you shall be equally divded by and between you and your brother.
1. If your father is alive then the amount shall have to be paid to him only.
2. It should be left to his sole discretion whether he will divide the said money equally or not gift it to any of his sons.
1. it is not clear in whose name the proeprty was registered.
2.if your father just contributed but it was registered in your sole name only then you need not share with the money with anyone as per law.
3.however if your father's name is there in the title deed then he will have the half sahre in the sale proceeds.
Is it registered absolutely in your favour? If the answer is in affirmative then your brother has no share therein, and you are free to sell it without his consent. If, however, it is registered jointly in your and your father's favour then your father can divide his share of sale proceeds as per his wish.
If this property as registered in both the names jointly then yor father will become a co-owner, therefore his consent (if living) is to be obtained or the sale deed to be executed jointly by you both.
If this property was registered only o your name, then you do not have to seek permission or NOC from anyone.
You can go ahead with your proposal to sell the property on your own.
You can return the funds financed by your father if he is demanding, from the sale proceeds.
My father share will be divided equally or as per my father's wish?
The question arises if your father is not living.
Then his share of the property shall devolve equally on all his legal heirs which includes you too.
Moreover, this situation will arise only if the property was registered on both the names jointly.