Property can be acquire by a person either by creation or inheritance. Self-acquire property is define as having been create with one’s own money, as oppose to inherit property, which is refer to as ancestral property.
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What is the Hindu Succession Act’s definition of self-acquired property?
Self-acquire property is one that is purchase with one’s own money, as oppose to ancestral property, where the person owns a stake as a coparcener since birth. One works to create their own property rights. Self-acquired property also includes assets inherited from the maternal side of the family, through a will, or through a gift deed.
Laws governing self-acquired property inheritance
When it comes to such property, the owner has complete rights. The owner is free to handle the property in any way regarding ownership transfer, and the owner’s offspring do not have any birthrights.
This is only feasible, though, if the owner writes a will outlining the guidelines for dividing up property. The property will be split in accordance with inheritance laws if there is no will, or if the person passes away intestate.
Self-acquire assets in a share pool are consider joint assets: Karnataka High Court
The Karnataka High Court (HC) has decided that self-acquired property belonging to a Hindu Undivided Family (HUF) becomes joint property if the member gives up their individual claim and places the property into the common pot.
Judges Krishna S. Dixit and G. Basavaraja stated the following when rejecting an appeal by T. Narayana Reddy and another: “The law relating to blending of separate property with those of joint family is well settle.” Words or, in the absence of words, actions can be use to infer such a purpose.
Equal part of husband’s self-acquired property goes to wives: Madras HC
The Madras High Court (HC) has decided that housewives have an equal part in the property that their husbands bought because they helped with the purchase by performing everyday chores. In the Kannaian Naidu and others versus Kamsala Ammal and others case, the decision was render.
There is no legal restriction on judges’ ability to acknowledge the assistance a wife provides in helping her husband buy a property. In my opinion, both spouses are entitled to an equal share of assets acquire via their joint contribution—whether direct or indirect—to the family’s well-being, the HC state in its June 21, 2023 judgment.
In most couples, the wife looks after the house and bears and raises the children. She thereby gives her spouse more time for his business endeavors. It further state, “She is justly entitle to partake in the fruits of her labor as it is her fulfillment of her role that permits her husband to fulfill his.
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