Gift property related
3 weeks ago
My father gifted me a residential property which was earlier used by mu brother for his Registered office of a business which is now under legal dispute. The court serves summons on my residence. Will this affect my ownership?
A.Dear Client,
To provide an appropriate response, more details are needed about the nature of the dispute. It's important to understand that a gifted property is considered self-acquired by the recipient. Additionally, utilizing a residential property for commercial purposes can lead to legal ramifications and penalties. Therefore, without a clear understanding of the specific dispute, legal remedies cannot be advised in advance.
To provide an appropriate response, more details are needed about the nature of the dispute. It's important to understand that a gifted property is considered self-acquired by the recipient. Additionally, utilizing a residential property for commercial purposes can lead to legal ramifications and penalties. Therefore, without a clear understanding of the specific dispute, legal remedies cannot be advised in advance.
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A.Dear Client,
Your query requires more details to respond suitably. Please revert to us with more details to enable us to respond to your query. Gifted property is a self-acquired property in the hand of the donee. A residential property is used for commercial purposes that involve legal consequences and penalties. So unless we understand the nature of the dispute, legal remedies cannot be provided upfront.
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