The grandson cannot claim any right to the self-acquired property of the grandfather. It is all up to the grandfather what he wishes to do with his self-acquired property. No one can raise any objection.
Archives: FAQs
What types of properties can be inherited?
Various types of property can be inherited, including:
- Ancestral Property: Ancestral Property is the property that is inherited by a person from his father, grandfather, and great-grandfather.
- Self-Acquired Property: This includes property the deceased person purchased or acquired during their lifetime.
What Is Self-Acquired Property?
Property acquired from one’s source of income is known as self-acquired. The property owner can choose to dispose of it as they want.
What is Ancestral Property?
Ancestral Property is an individual’s inheritance from his father, grandfather, and great-grandfather. Moreover, the property must have passed undivided up to four generations.
Who prepares the rental agreement?
The rental agreement is prepared by a real estate agent hired by the landlord and the tenant. To legalize the rental agreement, both parties must sign the contract in front of two witnesses who are non-beneficiaries of the property.
What do you mean by a verbal tenancy agreement?
A verbal tenancy agreement is an oral agreement between the tenant and the landlord. A verbal agreement decides the basic terms of the tenancy, such as the amount of rent, the duration, etc. Yet, all the rights and responsibilities of the tenant and landlord must be implied under the law due to the absence of any written agreement.
What do you mean by a written tenancy agreement?
Primarily tenancy agreements are written agreements between the landlord and the tenant. A written agreement specifies the terms and conditions of the tenancy in written form, and it must be duly signed by the landlord and the tenant in the presence of two witnesses. A copy of the tenancy agreement must be given to the tenant, and in cases of a joint tenancy, a copy of the tenancy agreement must be given to each tenant.
What is the stamp paper value required for the rental agreement?
The rent agreement should be either for commercial or residential purposes only. The stamp duty is 1% of the total rent and includes the deposit paid annually.
Can the rent agreement be terminated in between?
The rent agreement is commonly terminated upon the expiry of the agreement; however, it can also be terminated during the tenancy period. The rented property can then be left according to the lock-in period. In such a case, the tenant ensures that he collects his deposit from the owner.