Self-Acquired Property: A person can acquire property through creation or inheritance. Self-acquired property is created with one’s own money, while inherited property is known as ancestral property.
What is the Hindu Succession Act’s definition of self-acquired property?
Individuals purchase self-acquired property with their own money rather than inheriting it as ancestral property. They work to establish their own property rights, which may also include assets inherited from the maternal side of the family, through a will, or a gift deed.
Laws governing self-acquired property inheritance
When it comes to such property, the owner has complete rights. The owner is free to handle the property in any way regarding ownership transfer, and the owner’s offspring do not have any birthrights.
This is only feasible, though, if the owner writes a will outlining the guidelines for dividing up the property. The property will be split under inheritance laws if there is no will, or if the person passes away intestate.
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Karnataka High Court rules self-acquired assets in shared pool as joint assets
The Karnataka High Court (HC) has decided that self-acquired property belonging to a Hindu Undivided Family (HUF) becomes joint property if the member gives up their claim and places the property into the common pot.
Judges Krishna S. Dixit and G. Basavaraja rejected an appeal by T. Narayana Reddy and another person mentioned that the law regarding blending separate property with joint family property is well settled. They stated that words or actions can be used to infer such a purpose.
An equal part of the husband’s self-acquired property goes to wives: Madras HC
The Madras High Court (HC) has decided that housewives have an equal part in the property that their husbands bought because they helped with the purchase by performing everyday chores. The court rendered a decision in the case of Kannaian Naidu and others versus Kamsala Ammal and others.
Legally, judges can acknowledge the assistance a wife provides her husband. Both spouses are entitled to equal shares of the family’s assets, regardless of whether their contributions are direct or indirect.
In most couples, the wife looks after the house and bears and raises the children. She thereby gives her spouse more time for his business endeavors. The statement asserts that she is entitled to the benefits of her labor because her role enables her husband to fulfill his duties.
