Property is a piece of real estate that is owned legally by the owner. Usually, property passes from a generation to next generation and so on. Usually, property is acquired within a family, when it passes from one generation to the other. All these transferring activities are regulated under The Indian Succession Act, 1925, Transfer of Property Act 1882, and the Registration Act, 1908 and The Hindu Succession Act, 1956.
The various modes through which the property acquisitions take place are as follow:
Will – it’s a legal instrument which is done by a person while he or she is alive, but comes into effect only after his or her death.
This is the natural way of acquiring some property and it operates as per the rules prescribed under the Succession Act. Intestate succession is a by default or automatic succession in the absence of a Will. In this act, a person inherits the property from his parents.
The Hindu Succession Act, 1956, is passed by the Parliament of India in 1956 through which amendment is done to the unwilled or intestate succession among Hindus. The Act lays down a uniform system of inheritance. This act announced that any property acquired by a Hindu female whether before or after the commencement of this Act, is to be treated as her legal property and she is given full authority to deal with it as she likes.
In this succession Act, ‘Property’ includes all those properties acquired by a female Hindu by devise or inheritance, or at a partition, or by gift from any person, or in lieu of arrears of maintenance, or by her own skill, or by purchase or exertion, or in any other manner whatsoever, before or after her marriage, or in any other manner whatsoever, and also any such property held by her as Stridhana.
A child who is subsequently born alive, and was in the womb at the moment of the death of intestate has the same right to inherit to the property.
The Act was amended in 2005 by the Hindu Succession (Amendment) Act, 2005. On and from the commencement of the Hindu Succession (Amendment) Act, 2005, in a Joint Hindu family governed by the Mitakshara law, the daughter of an intestate will automatically become an owner in the same manner as the son. The daughter of the intestate will be subject to the same liabilities as that of a son.
Transfers of property done through the execution of a gift deed by the owner in favor of another family member is called gift. People often end up owning real estate when the original owner has given that property to them in legal way.
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