We have talked a lot about property disputes and their nature; however, we will be talking about self-acquired property in this blog. Is family settlement on the same possible according to the law of India? To know the details scroll down and understand its legalities.
A self-acquired property settlement cannot be executed during the lifetime of a person who had acquired it. Still, at the same time, the self-acquired property automatically becomes a part of the ancestral property on the death of such a person. However, the person can assign the self-acquired property through his/ her will to any person he desires.
Merely reaching a consensus is not enough; a few legal formalities must be completed to ensure that the agreement is valid.
- All the family members involved must sign the settlement document. A missing signature can easily become ground for challenging the document in court later.
- As a safety measure, two witnesses should attest to the document, though it is not mandatory.
The next step is to register the agreement. According to Section- 17 of the Indian Registration Act, a family settlement that indicates to assign stable property must be mandatorily recorded, or the deed would be invalid. Stamp duty pertains to such deeds, and the value would depend on the value of the property concerned.
While a duly executed family settlement cannot be reversed, except by a court judgment, it can be questioned in a court of law under the subsequent conditions.
- An agreement that is brought about by fraud or coercion.
- Any misrepresentation of facts regarding the title of the disputed property, too, can lead to future altercations.
- Improper execution.
Paying heed to these common tripwires while drawing out an agreement will result in a dependable, amicable and binding family settlement, which benefits everybody.
For more information on family disputes over a property, you can contact us and we will connect you to some of the best lawyers in Delhi NCR who understand property matters and will be of great help to you as required.