Acquiring property ownership in India can be a tedious and cumbersome job if you are not aware of the various rules and conditions necessary for the same. There may seem to be a mountain of formalities and procedures to be followed but when done with proper planning and under the guidance of an experienced lawyer, it could just be a piece of cake. This article will give an insight about the different types of property ownership and a few terms and conditions regarding the same.
The property ownership types in India can be broadly classified as:
Individual ownership - In this type, only a single person owns the power of property. The single owner has alone got the rights to sell, dispose or leave it on lease. This individual ownership is very simple in terms and involve least conflict cases. There may be situation where the individual owner may have to live in some other state or town or country. During such cases, he may willingly provide the power of Attorney to another person who will be handle the formalities and procedures on behalf of the owner.
The individual owner of the property may decide and prepare a will stating who will be his successor to ownership of the property.
Joint Ownership - In Joint ownership, there is no power of Attorney, and more than one person has the power of property ownership. In case of death of any of the owners, the surviving owner(s) gain the ownership rights.
Co Ownership - This is like the joint ownership except that the share of property is not equal and depends on the amount of investment by each owner. If the ownership percentage is not known or not specified, then all the owners get equal share of property.
Drawing a will for your property indicating the successor of the property is a good way to keep property problems after the death the owner at bay.
You can get more information about income tax in Indiaon Ekikrat
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