Any individual, domiciled in India, who has not attained the age of 18 years, is referred to as a minor. CAN A MINOR PURCHASE PROPERTY IN INDIA? … Yes, parents can jointly buy property in name of the minor provided the contract is signed by the parent as his/ her natural or legal guardian on behalf of the minor.
Can Father purchase property in son’s name in India?
If father purchased the property in the name of elder son by a registered deed of sale then younger son and father himself have no right.It is does not matter who had provided money. This provision is enacted after abolished of Benami Transaction in 1988.
Can a child own property in India?
Answers (2) Yes you can purchase property in your daughter’s name. As she is minor she should be represented by you for registration of property in her name. Once you purchase the property you will not be entitle to sell it in future without the permission of court, unless she attains majority.
Can I buy a house in the name of my child?
A If your sons are under 18 then no, you can’t buy the house in their names because minor children can’t own property – it has to be held in trust for them. … Unless you set up a trust giving yourself a life interest in the property, putting the house in your sons’ names would give them the power to sell it.
Can a minor buy property in India?
A minor can also acquire an immovable property by way of gift. A minor is not competent to contract as per the Indian Contract Act, 1872 but as per the provisions of the Transfer of Property Act, 1882, a minor can accept a gift of an immovable property, without the intervention of his guardians.
Can son can purchase property from father?
It is perfectly legal for son to purchase a property from his father. … There is no legal bar at all to by property from any person including children or parents. 2. However that does not mean the bank is bound to disburse loan.
Can father purchase property in minor son’s name?
1. Property purchased in Minor’s name becomes the absolute property of the Minor on attaining majority. No other Legal Heirs (including legal guardian or father or property purchaser) can make a claim on the property of the Minor.
Can a property be gifted to a minor?
In the cases in which either a donee or donor is a minor, minors are not eligible to contract so, they cannot transfer property as a gift. If the donor is a minor then the gift deed becomes invalid. In case, if the donee is a minor, a natural guardian can accept the gift on behalf of the minor.
Can a parent buy a house for their child?
A parent can: Purchase a home outright to give to a child. Enter into a shared equity agreement with the child. Give the child financial advice and guidance to get a loan on their own.
Can I register property in minor’s name?
A child under 18 cannot take legal title to property, so there are two ways in which the property can be held: a simple ‘bare trust’ or a more formally constituted trust, such as a life interest or discretionary trust. Under a ‘bare trust’, another person holds the title to the property as a nominee.