Project : DivyaSree Nest
An exclusive Club House with Multi Purpose Hall
Indoor Covered Swimming Pool with Toddlers Area and change room facilities
Fully Equipped Gymnasium
Landscaped Garden
Childrens Play Area
Terrace Party Area with Gazebo
Car Wash and Vacuum Bay
Project Name:
Type of apartments : Appartment
Area range built
up:1387-1813 Sq ft
Price starting from: Call
for Price
City: Bangalore
Location: Devanahalli
Bed
room: 2BHK,3BHK
See
Here One Article Regarding:
Properties
and human beings are inseparable. With progress and social change over the ages
the urge to own property, wealth has acquired demonic proportions. In the
present day world, immovable properties are the most valued assets one can
possess.
The desire
to own material possessions reared its head in the inquisitive mind of the
Stone Age man. Thus women, children came to be his first personal assets,
followed by immovable properties. While literacy and social outlook have
elevated the status of women and children, there has been no change worth the
name as to the status of immovable property as the personal asset of the human
being. So long this state of affairs continues problems relating to property
transfer will persist. From Stone Age to cement age, it has been a long haul.
Partition
is division of property held jointly by co-owners. When a property is divided
each member becomes sole owner of his portion of the property. Each
divided property gets a new title and each sharer gives up his or her interest
in the estate in favour of other sharers. Therefore, partition is a combination
of release and transfer of certain rights in the estate except those, which are
easements in nature.
Partition
is neither a gift nor a transfer of property. It merely breaks a joint right
into several rights. It is not acquisition of property or exchange of property. It is a combination of
release and conveyance of the rights of the property in favour of individuals.
And therefore it can be effected orally. Partition is not transfer but when it
assumes the form of transfer, the intention may be to hoodwink the creditors.
The
basic character of joint Hindu family is that each member has inherited title
to the property by birth. Each member has joint title to the entire property
and that joint enjoyment of the title is converted by partition into separate
title of the individual co-owner for his enjoyment. Therefore, it is now an establishedfact that partition is not transfer, but
transformation of joint property.
There
are some properties, which cannot be divided physically. If physical division
is not possible, partition can still be effected by paying cash or other assets
to a sharer in lieu of his or her share in the property. Such situation arises when the division of an estate is
considered to be dangerous and unreasonable, and when such division dilutes the
inherent value of the property, or when the immovable property is too small for
division.
The
instrument of partition is a document by which the co-owners of a property
agree to divide the property among themselves by oral agreement or written agreement or by arbitration or through court. If
a document of release shows that the executants are to get cash or other
assets, the document is an instrument of partition. The basis of partition is
equality. The parties shall share the property equally.
If
there is no agreement among the co-owners for amicable division of the
property, the only alternative is to sell the property by mutual consent or by court decree and distribute the
sale proceeds among the co-owners. Any of the co-owners may also enforce
partition through Court.
In a
partition suit a court may have decreed partition of the property in the
interest of the co-owners. But if it is found that the sale of the property and distribution ofthe proceeds to the co-owners is more beneficial,
the court can at the request of the shareholders direct sale of the property
and distribution of the proceeds to the co-sharers.
There
are three types of co-owners: Joint tenants or tenants-in-common; Hindu Joint
Family owners or coparceners; partners of a partnership firm.
Under
the Hindu Law in general everyone being a co-owner in a joint ownership has a
right to claim his share and such right cannot be denied to him if the property
is held as joint tenants. Since joint tenancy is unknown to Indian law, there is not
much difference between joint tenancy owners and tenants-in-common.
Christians
and Muslims hold properties as tenants-in-common or as joint tenants and
partition of such immovable property can happen by mutual consent or by
partition deed or by court decree or arbitration.
Partition
in Hindu law covers two aspects. One is the division of the status of the
members and the other is the division of the joint family property. In the
former case, the members are divided according to heir standing in the joint
family and in the latter case division of joint family property into separate shares. Share of a
member depends on the status he enjoys in the family. These are interlinked.
Partition
must be according to law. If a minor gets less shares than he is entitled to in
law, the partition is defective and he can re-open the same when he attainsmajority. If a member gets more than his share
in a property, the excess received will be treated as a gift.
It is
not necessary that all co-owners agree to partition. When a member desires
partition, the property is divided into two portions one for the separating one
according to his status and share and the rest jointly for the others. Though
oral partition is allowed under Hindu Law, it is not preferable as it may give
rise to disputes particularly with respect to immovable properties. It is
advisable oral partition should be reduced in writing (palu patti). Also, the
Income Tax Act does not recognize oral partition of a
Hindu Family property unless the Income Tax Officer is satisfied with the facts
and this is possible only when it is recorded in partition deed.
When a
property is divided into more than two parts, the co-owners of the different
portions shall agree to hold their portionsseparately as absolute owners
and each of them shall make a grant to release his share from portions give to
others.
Necessary
covenants in a partition deed are about encumbrances on the property, quiet
enjoyment, custody and production of title deeds, easements of necessity
payment of rent and taxes andperformance of other
conditions of lease, if any, etc.
Partition
of joint property is not an exchange. If it is reduced into writing, it must be
registered in case of immovable properties. Deed of partition requires
registration. Mere writing of previous partition does not require registration.
Mere list of properties allotted to different co-owners does not require
registration.
Unregistered
deed of partition though not admissible in evidence to prove the fact of
partition, cannot be used to prove that a particular property was allotted to a
particular co-owner as his share.
Partition
means collapse of joint ownership. It destroys the harmony of joint ownership
and of possession. A large property falls into pieces over a generation or two.
The land is very much there in bits and pieces in the name of different owners.
The
Stamp Duty payable on partition varies from state to state. In Karnataka, it
depends on nature of property.
In case
of partition of movable property, it is Rupees Two Hundred and Fifty for each
share.
If the
property is converted for non-agricultural purpose or meant for
non-agricultural use, it is Rupees One Thousand for each share in jurisdiction
of Municipal Corporation, Urban Development Authority, Municipal Councils or
Town Panchayats and Rupees Five Hundred per share in other areas.
The
partition of agricultural land attracts stamp duty of Rs. Two Hundred Fifty for
each share. If the propertyinvolved in partition is
combination of any categories mentioned above, the stamp duty is maximum of the
duties prescribed.
In case
an agreement of partition is executed and the partition follows in pursuance of
such agreement, the stamp duty payable on partition deed is reduced to the
extent of duty paid
on agreement; but shall not be less than Rupees Fifty.
The partition should not be mistaken with
partnership. Partnership is coming together of persons, whereas partition
is parting of persons.
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