Self-Acquired Property : What Is It?
Any property obtained solely with an individual’s personal funds and without the aid of a third party is referred to as self-acquired property. This suggests that the buyer has ownership rights over the property. Learn more about a self-acquired property by being familiar with its definition, the paperwork needed to show ownership, and the most recent Supreme Court rulings.
There are a number of situations where a property may be transferred to an individual. A person could purchase a piece of real estate, get it as a gift, or even inherit a portion of it. The Hindu Succession Act of 2005 addresses both self-acquired and inherited property. The specifics and complexities of owning, selling, and transferring a self-acquired property are covered in this article. It also talks about recent Supreme Court rulings that are pertinent.
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Self-acquired property: What is it?
A property that a person purchases with their own funds is referred to as being self-acquired. But aside from actual purchases, there are alternative ways to obtain property that would be considered “self-acquired,” including:
- A property received as a gift by parents, relatives, or spouse,
- Property inherited from parents, relatives, or spouse, and
- A property acquired through one’s skills or effort.
Rights that a self-acquired property owner can exercise
All the rights and advantages of a self-acquired property belong to its owner alone. These rights include the ability to sell and transfer the property as they see fit. They could even give away the land to a non-family member. Any more family members’ approval is not necessary. Additionally, the owner is free to utilise the space anyway they see fit.
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Self-owned property sales and transfers
An item that has been obtained by oneself is entirely that person’s property. Accordingly, if you are the sole owner of a self-acquired property, you have the authority to sell or transfer it to another person without the approval of any other party, even your family or heirs.
Differences between a self-purchased property and an inherited one
An ancestral property is not the same as a self-acquired property. These two qualities’ distinctions from one another are as follows:
| Self-acquired property | Ancestral property |
| An individual buys or acquires it through their own money and resources. | It is passed undivided to three generations of the family. |
| The owner has the right to sell or transfer the property. | Consent and agreement of the family members are require to sell or transfer this property. |
| All the rights and benefits are enjoyed by the sole owner. | All rights and benefits are enjoye only after the mutual decisions of the family members. |
| A son cannot claim it during the lifetime of the father. | A son can claim it during the lifetime of the father. |
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The paperwork needed to substantiate the ownership of a self-purchased property
You can use the following papers to verify your ownership of self-acquired property:
- Sale deed: A sale deed serves as legal documentation for the exchange of a piece of property for cash. It describes the passing of certain rights from the outgoing owner to the incoming one.
- Payment evidence of sale – Records connected to the sale of a property, such as bank transfers or cheque clearance records, can show ownership.
- Possession letter – The possession letter, which certifies that the property is free of all liens, including mortgages, is another way to prove ownership of a self-acquired property.
- A land patta is a government-issued document that contains all the relevant information on the ownership of an agricultural plot of land. This is also an acceptable ownership document.
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Self-acquired property: Most Recent Decisions
In recent years, a number of Supreme Court rulings governing the succession and transfer of self-acquired property have surfaced. In Vineeta Sharma v. Rakesh Sharma & Ors. (2020), the Supreme Court rendered a significant decision that expanded women’s inheritance rights. A Hindu woman has the legal right to inherit the inherited property as a joint heir, according to the ruling. They would get the same inheritance as the family’s male heirs.
In another case, Arunachala Gounder v. Ponnusamy (2022), the court ruled that an intestate Hindu male’s self-acquired property will pass to his heirs by inheritance. The self-purchased property, together with any inherited property, would pass to the daughter of such a Hindu guy.
Buying and owning self-acquire property is done by an individual. All rights to use, sell, and transfer such property belong to them. A self-acquired property has different ownership and inheritance laws than an ancestral property. Make contact with a legal expert to determine whether or not your property claim is legitimate.
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