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Sale of minor property with court's permission
04-Sep-2023 (In Property Law)
My husband expired two years ago and I want to sell off a property so that we could manage expenses. The legal heirs include me(his wife), 2 minor kids and husband's mother. Pl let me know if I can deposit minor funds in private bank like ICICI where they already have EPF pension account or a new account needs to be opened in nationalise dbank?
What is the process to break the deposit if I wish to purchase a new house for staying with those funds
you can deposit in fd with any bank but u cannot break the fd without court permission. in case you plan to purchase new property out of sale consideration u need not invest in fd instead u can directly purchase the new property in the names of legal heirs.
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Adv. K Alakendran
Chennai | 25+ Answers
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