Write a short note on the self-acquired property.
Question: Write a short note on the self-acquired property. Find the answer only on Legal Bites. [Write a short note on the self-acquired property.] Answer Any property which is not a joint family property comes under the ambit of separate property. It can suggest a property that was once a joint family property but now has been severed… Read More »
Question: Write a short note on the self-acquired property. Find the answer only on Legal Bites. [Write a short note on the self-acquired property.] Answer Any property which is not a joint family property comes under the ambit of separate property. It can suggest a property that was once a joint family property but now has been severed and is now separate. Thus, this property would be considered as a separate property in relation to the brother of the person who holds that property and...
Question: Write a short note on the self-acquired property.
Find the answer only on Legal Bites. [Write a short note on the self-acquired property.]
Answer
Any property which is not a joint family property comes under the ambit of separate property. It can suggest a property that was once a joint family property but now has been severed and is now separate. Thus, this property would be considered as a separate property in relation to the brother of the person who holds that property and still joint family property in terms of his sons. This also means that no other person has any self-interest in the property.
The property acquired by any of the following mentioned manners can be classified as separate property:
- The property which a person acquires by his own efforts and no other family member helps him. It is not a result of joint family efforts and hence it is not a part of joint family property. When the property is in possession of a property for more than 12 years.
- Property acquired by a person other than his father, grandfather, or great-grandfather would be termed as his own and not anyone’s.
- Any property acquired by a Hindu after the partition of joint property and severed would be classified as his own property.
- Any property which is devolved to a sole coparcener will be a self-made property as there exists no other coparcener.
- Property that is obtained by a person as a gift from his father, grandfather, or great grandfather will also be counted as separate property.
- Property obtained by a Hindu as a grant of government will be termed as property that has not been borrowed from ancestors.
- When a joint family is lost and is again gained by a person of the family without the help of any family funds will be classified as a type of property that he has earned on his own.
The Property earned by education
Any earning which is made by a member of a joint family by knowledge or intelligence is categorized as his separate belongings. The point of conflict arises when a person earns using the money that was collectively earned by a joint family and its members, then should that earning be taken as joint family property or separate property.
To clarify the above-stated problem, the Hindu Gains of Learning Act, 1930 came into force which clarified that if no gains are earned by a family member by virtue of his education or intelligence then it would be classified as a joint family property just because the education had been given to him was a collective task. It will remain his separate property.