Is partition of a joint family property a transfer under TPA?
Is partition of a joint family property a transfer under TPA?
Partition: Partition is not considered as a transfer of property because nothing new is obtained by a co-sharer on the partition, it is not a transfer of property. His specific share, which vested in him earlier, is simply separated. Courts in India have given different views in this regard.
What happens to jointly owned property in an individual bankruptcy?
Even if you are filing an individual bankruptcy, all community property becomes property of the bankruptcy estate because each spouse is deemed to own the asset in its entirety. This means that unless you can exempt the entire community asset, it can be taken and sold in Chapter 7 bankruptcy.
Can a co-owner of a house file bankruptcy?
Equity and Exemptions in Chapter 7. If your ex is on the deed to your property as co-owner in addition to being on the mortgage, his creditors and the bankruptcy trustee will be eyeing his share of the equity in your home for liquidation to pay off his debts.
Can a Chapter 7 Trustee take a co-owner’s share?
The trustee can’t take the co-owner’s share to satisfy your creditors. However, even if your co-owner’s share is not part of the bankruptcy estate, a Chapter 7 trustee may be able to sell the entire property if your portion is not exempt.
What are the pitfalls of co owning a property?
Whether you co-own your property as joint tenants or as tenants in common, there are 11 potential pitfalls that you need to be aware of when co-owning property with family or friends. Since these pitfalls are best demonstrated with examples, we’ll use the following fictional scenario as a background for the examples below:
What happens to your sister’s assets in bankruptcy?
Your sister’s Chapter 7 bankruptcy filing automatically created a bankruptcy estate composed of all her assets. A bankruptcy trustee was appointed to administer the assets in her case. Like everyone filing for bankruptcy, she can keep certain property if it is “exempt.”
Even if you are filing an individual bankruptcy, all community property becomes property of the bankruptcy estate because each spouse is deemed to own the asset in its entirety. This means that unless you can exempt the entire community asset, it can be taken and sold in Chapter 7 bankruptcy.
How is share of co-owners fixed in jointly owned property?
In the case of long-term capital gains on sale of the jointly owned property, whether commercial or residential, each one of the co-owner shall be entitled to claim an exemption under Section 54EC, by investing the indexed capital gains up to Rs 50 lakhs. How the share of co-owners is fixed in a joint property?
Who is the surviving owner of a joint property?
When property is owned by joint tenants, the surviving owner (s) (that is, the owner that hasn’t died) automatically becomes the owner of the deceased owner’s share of the property.