Myths About Owning a Property
Jun 03, 2017 Home Trading Steps
Most of us know very little about the law related to owning property. Most of us get to know about the laws from our friends or relatives or acquaintances which leads us to believe certain myths about owning a property most of them which aren’t true.
We discuss and bust all the property related myths:
1. As a co-owner you are liable to pay taxes:
This is the most common myth. If you have not contributed financially in buying a property and other person is the only one paying for the EMI and taking the loan and has made you the co-owner, then you are not liable to pay the taxes. The same does not hold true in the opposite case.
2. Joint tenants and tenants in common are the same things:
This is not true. The succession of the property depends on the type of conveyance deed. For example, if the property is owned by the husband and wife as the joint tenants, then in the case of demise of either one, then the property is transferred to another. But in case of tenants in common, if either one of the owner demises, then the property is the property is equally divided among the legal heirs, according to the law.
3. You might lose your ownership to the ancestral property if you don’t live there:
This is no case correct. You are eligible to claim your share on the ancestral property even though you don’t live there. The same is also true even if you are not paying the taxes for the property. No one can take away your share of the ancestral property.
4. I can sell the property and take the decision on behalf of my spouse:
This isn’t true. If your spouse is the co-owner of the property then they have equal say in the buying and selling of the property. They are half owner of the property. Deciding to sell it against the will of your spouse or without discussing it with them, may land you in serious legal trouble.
5. I get my parent’s property by default:
This isn’t true as well. If the property is self acquired and your parents have decided to confer the property through the will, then you have little say in it. Your parents can choose to give the property to a third person and you may not have any legal right to it. This isn’t in true in the case of ancestral property. Ancestral properties pass on to generations and successors. A will is required to pass the property to the legal heir of the property.
We discuss and bust all the property related myths:
1. As a co-owner you are liable to pay taxes:
This is the most common myth. If you have not contributed financially in buying a property and other person is the only one paying for the EMI and taking the loan and has made you the co-owner, then you are not liable to pay the taxes. The same does not hold true in the opposite case.
2. Joint tenants and tenants in common are the same things:
This is not true. The succession of the property depends on the type of conveyance deed. For example, if the property is owned by the husband and wife as the joint tenants, then in the case of demise of either one, then the property is transferred to another. But in case of tenants in common, if either one of the owner demises, then the property is the property is equally divided among the legal heirs, according to the law.
3. You might lose your ownership to the ancestral property if you don’t live there:
This is no case correct. You are eligible to claim your share on the ancestral property even though you don’t live there. The same is also true even if you are not paying the taxes for the property. No one can take away your share of the ancestral property.
4. I can sell the property and take the decision on behalf of my spouse:
This isn’t true. If your spouse is the co-owner of the property then they have equal say in the buying and selling of the property. They are half owner of the property. Deciding to sell it against the will of your spouse or without discussing it with them, may land you in serious legal trouble.
5. I get my parent’s property by default:
This isn’t true as well. If the property is self acquired and your parents have decided to confer the property through the will, then you have little say in it. Your parents can choose to give the property to a third person and you may not have any legal right to it. This isn’t in true in the case of ancestral property. Ancestral properties pass on to generations and successors. A will is required to pass the property to the legal heir of the property.
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