New property to be purchased in whose name and how to divide it in joint family?

10 months ago

We are two brothers, married and living with our parents. It is a joint family. However, our income sources are different. My father has a business. My brother and I are in the corporate and have a salary-based income. I am the elder brother and earn more than my brother. Two years ago, my wife and I pooled in our savings, took a loan as well and bought a new home. It was an investment and we didn't want to move into this new house. The property is in our name. We thought it was natural for the property to be in our name because it is purely our salary income that is going into this purchase. Recently while having a discussion on the possibility of selling this house and buying another one, our parents objected and said that first the proceeds from the sale will be divided by 3 and then the rest of the money can be used by us in whatever way we want to. They say that we are a joint family and hence property purchased while staying together, regardless of the contribution of the other members of the family, can be claimed by all. We have been sharing all expenses in the family. In fact, for all these years, I have given away all my salary to repay the debt taken by my father for the earlier property where we are living in. That property is in his name. Why should the new property that my wife and I have purchased be divided by 3. Is this right? Please guide.