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Questions on Joint ownership of a BDA plot
21-Apr-2023 (In Property Law)
I want to buy a BDA plot jointly with 2 of my close relatives.
1. Is there any restriction of registering a plot in three names? Do all of the co-owners have equal rights?
2. For construction, can all 3 of us take housing loan and avail all income tax benefits?
3 The plan is to construct 3 floors (1 house per floor) and occupy one each. In such a scenario, would all three of us have equal rights to dispose/sell our part to anyone without the consent of other two?
4. Are there any other legal challenges to pass the property to our next generation?
Regards,
Karthik. K
in order to purchase property as co-owners you should be members of a family as per the definition of Law applicable to proper property. You told as such if you enquire with the sub registrars office. Hawa people have built this kind of house portions in a single site . you can take a consultation from me as to the mode of doing this .
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Adv. S.K Prabhakar Shetty
Bangalore | 500+ Answers
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