What is Property?
The word “property.” is taken from the Latin word “propertietat” and its French equivalent “proprious,” which denotes ownership of an object. Property is divided and classified in many ways. Mitakshara and Dayabhaga were the two main schools before the adoption of Hindu law. The properties are separated into two groups by Mitakshara School: blocked property and unobstructed property. Furthermore, the property is split into two halves under Hindu law: separate property and joint family property, following the adoption of Hindu law and the closure of both primary schools.
Key Takeaways
- Article 220 of Hindu law divides property into two categories; i.e., joint property and separate property.
- Joint family property is also referred to as coparcenary property.
- Joint family property is made up of the following: ancestral property, assets that the joint family members have collectively acquired, member’s distinct property “thrown into the common stock” and assets obtained by all or any coparcener using monies contributed to the joint family account.
- Hindu Succession Act, 2005, Indian Succession Act, 1925, Transfer of Property Act, 1882, and the Registration Act, 1908 play an important role to cover the ambit of property.
Table of Content
- Types of Property
- 1. Joint Family Property
- 2. Self Acquired Property
- Conclusion
- Joint Family Property and Separate Property — FAQs