Legal Question in Real Estate Law in India
I inherited property, a bungalow house(800 sq yds),through WILL of my Father in 1991.Is it considered a self acquired property or inherited one? Can this be converted to HUF,my family comprises wife & 2 sons? What rules will apply if I sell it now i.e. can, I buy more than a single unit indifferent places,on its sale? I am a Sikh.
Asked on 6/11/10, 3:32 am
2 Answers from Attorneys
It is simple .You can sale by your self the property to any one and use the money as you like .
More details visit: www.wisdomlawfirm.com
Answered on 6/11/10, 10:41 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Since you have inherited from your father, even though through a WILL, the property is ancestral in nature. You are free to include the property or sale proceeds in HUF kitty.
Answered on 6/18/10, 7:14 pm
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