Introduction In recent times, the government has taken major steps to end the rampant problem of unaccounted money or Black money. One of the major areas for generation of black money in India is the Real estate sector. In view of this, Benami Transactions (Prohibition) Act, 1988 [1] having 8 sections, was introduced. The act…
Meaning of property In general, the word “property” has several different meanings. Everything that is readily available may be classed as Property if one takes a look around. Any tangible or intangible object that has value to others may be referred to as property. The value affixed to a piece of property is its fundamental…
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Introduction Tenancy is an agreement between two parties where one party owns the property (landlord) and the other party wishes to reside and enjoy those premises (tenant). Renting a house is not an easy job as the owner has to take a big risk in lending his property to an unknown person. Especially, in cases…
A mortgage is a type of security provided by a borrower who is a borrower (mortgagor) to repay a loan to a lender who is a lender (mortgagee). The object of a mortgage is to secure a debt or other obligation. It is a transfer of a limited share of the property. A mortgage is…
Government of India levies stamp duty on various legal documents like sale deed, conveyance deed, gift deed and mortgage deed. This agreement determines the obligations and rights of the contracting parties. Stamp duties and registration fees establish ownership and serve as proof of sale/purchase in court. Stamp is the money you pay to the authority…
Introduction Property is one of the many essential assets that a person owns during his lifetime. After his demise, the same is inherited by his successors. Tenancy rights in a property often become a reason for disputes and litigation upon the death of a tenant. The main reason of such disputes is the ambiguity surrounding…
Introduction Coparcenary, in general terms refers to a type of ownership of property where multiple people inherit the same property. Here, each person owns an undivided, transferable interest in the property. The term ‘coparcenary’ has its origin in the English common law. In India, Coparcenary is dealt under the Hindu Succession Act 1956 [1]. Under…
What is Co-ownership of property ? Co-ownership or joint ownership means when two or more persons hold title to the identical property. Co-owners of a property mean all the owners of that exact property. Any co-owner can transfer his/her personal share in such property to a co-owner or perhaps a stranger which ends therein transferee getting into the shoes of the co-owner. A co-owner generally has the…
Introduction On July 1st, 1882, the Transfer of Property Act went into effect. The country’s property transfers are governed by this law. Regarding the components and terms of a transfer, it provides particular provisions. This act’s main goal is to clarify and update the legislation governing the transfer of property via the actions of parties…
