Inherit or acquired property
I own a house.The plot for the house was acquired from sister of my father (My BHUA JI) who was a widow and does not have any issue. She promise me to give me the plot measuring 4 Marla if I care her and bear all her expenses till death.I agreed to and did what she desired and during her life time I got that plot by decree from court under her consent.I spent money for her treatment and livelihood for about 18 year. I made all the construction on that plot.She died after per long illness.I made further construction at my own expenses.Now what is the status of that property.Is it inherit property or self acquired property.
Asked in Property Law from Bathinda, Punjab
What is the difference between inherit and ancestral property.How is acuired and self property differ
Asked 3 years ago
ancestral property which was purchsed by your great grand father and which keeps on moving from G G father to your G father and to your father.
self acquired property is a property which is purchase by you or your father through his income.suppose you purchase a property through your money then it will be self acquired property
Advocate, New Delhi
it would be inherited property as it was owned by your aunt . self acquired property is property purchased from your own funds . ancestral property would be property belonging to your great grand father
It is your inherited property as the ownership of this property vested in some one else before the same transferred to you. Self purchased property is one which is purchased by a person entirely from his own monies.