Deemed owner of House Property
Circumstances of Deemed Ownership
- Transfer to Spouse/Minor Child Without Adequate Consideration: If a person transfers house property to his spouse or minor child (excluding a married minor daughter) without adequate consideration, he is deemed the owner. However, if transferred to a spouse under a separation agreement, the recipient is considered the owner.
- Holder of Impartible Estate: The holder of an indivisible property, such as terrace rights, is deemed the owner.
- Co-operative Society Members: Members allotted a building or portion under a housing scheme are deemed the owners.
- Property under possession in part performance of a contract: A person in possession of a property under a written agreement, having paid or ready to pay consideration in part performance of a contract, is deemed the owner even without registration.
- Acquired Rights in Property: Any person with rights (through sale, exchange, or lease of 12+ years) is deemed the owner, excluding monthly or yearly leases.