Laws related to co-ownership of a joint property

हिंदी में पढ़ें
January 11, 2020
By Advocate Chikirsha Mohanty



What does Co-ownership of property mean?

Co-ownership or joint ownership means when two or more persons hold title to the same property.

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What are the types of co-ownership?

Tenants in Common: When two or more people buy a property but do not specifically mention the share that each has in the property, a 'tenancy-in-common' is said to exist. All the co-owners can use the entire property and every co-owner is deemed to be having an equal share in the property.

Joint tenancy: Joint tenancy is a form of co-ownership where the property is owned by two or more persons at the same time in equal shares. This type of tenancy provides rights to ownership of the property for the co-owners who outlive other co-owners.

Tenancy by entirety: This is a special form of joint tenancy when the joint tenants are namely the husband and wife -- with each owning one-half.

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What are laws related to transfer of property by a co-owner?

Section 44 of the Transfer of Property Act 1882 deals with transfer by a co-owner and it also deals with the rights of a transferee in this type of a transaction.

According to this Act, every joint or co-owner has a proprietary right on the entire property. Hence, any sale has to be done with the consent of all co-owners involved. If, however, there are specific conditions in the agreement that gives co-owners exclusive rights to certain parts/portions of the property, a co-owner can sell his portion to whom he chooses.

 
What are the rights of a co-owner?

A co-owner is entitled to three essentials of ownership:

Why is co-ownership better?

If you are a married couple, co-owning a house with your spouse has many benefits. Both can get tax benefits. In case of a joint ownership, the husband, as well as the wife individually, will be able to claim deductions under Section 24 of the Income Tax Act. Deduction available for each individual is 1.5 lakh for principal u/s 80C and 2 lakhs for interest component u/s 24(B).



 

These guides are not legal advice, nor a substitute for a lawyer
These articles are provided freely as general guides. While we do our best to make sure these guides are helpful, we do not give any guarantee that they are accurate or appropriate to your situation, or take any responsibility for any loss their use might cause you. Do not rely on information provided here without seeking experienced legal advice first. If in doubt, please always consult a lawyer.


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User Reviews


4.7 - 21 reviews
N
LawRatoLawRatoLawRatoLawRatoLawRato

Nice article. Please provide more info on co-ownership disputes

Narayan on May 27, 2020
V
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need a property lawyer. How to find on lawrato?

Vandana on Jun 21, 2020
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what to do if co-owner is not ready to sell the property?

Nishant on Jun 30, 2020
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do u require consent of partner to sell joint property?

Srinivas on Jun 15, 2020
K
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very good articl on joint ownership

Kunal on Jun 18, 2020
K
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Excellent work. Very helpful for understanding the subject.

Kirti on Jul 01, 2020
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nice legal article.

Payal on Jun 18, 2020
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nicely explained. Thanks fro the information

Lokesh on May 26, 2020
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whom to contact for any legal query?

Ankur on Jun 30, 2020
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Very informative and a good read as well.

Manjeet on Jun 12, 2020
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Answered all my legal queries.

Suresh on May 21, 2020
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good work

Sharad on Jun 21, 2020
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Very nice article. English is very simple. Thank you for the information.

Raja on Jun 03, 2020
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Payal on Jun 02, 2020
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learned all the basics about the legal issue. Good article. Keep it up.

Ankur on Jun 23, 2020
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thanks for the info. How can we contact a lawyer?

Priti on Jun 28, 2020
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very well written

Ajay on Jun 01, 2020
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needed some more information on the subject.

Anusha on Jun 20, 2020
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very detailed and informative

Manjunath on Jun 14, 2020
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very nice article

Kishor on May 20, 2020
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great content. Thanks.

Shyam on May 21, 2020

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