Deed Confirming Partition Of A Hindu Undivided Family Effected Earlier

Deed Confirming Partition Of A Hindu Undivided Family Effected Earlier

all three after it collectedly referred to as parties and individually as the first party, second party and third party respectively, which expression is inclusive of their related successors, heirs representatives and assigns.The parties consist a Hindu undivided family ruled by the Mitakshara School of Hindu law. By mutual consent, the parties, on the  day fixed adjudged for doing a total partition of assets/properties of the Hindu undivided family. Per this decision, a division of the properties/assets was made on by mutual consents, convincing all the parties by it. share of each party was delivered and transferred in his name in the municipal records. It is intended, that the parties may not controvert all the assets of the family laid in Schedule A to this deed, were partitioned.. The first party, the second party and the third party, consisting a Hindu undivided family having separated from each other and have divided the family assets as detailed in Schedule A of this deed.assets were  divided by parties into three parts. None other party shall bear any rights, title or interest in those assets after it.This partition was made by mutual agreement, leaving no power to any party in assailing on any ground whatsoever .The first party shall keep original deed of partition. A true copy signed by all the parties shall be kept by other parties, which true copy shall be considered as effective as the original deed for all purposes and intents.

2 witnesses also present 

The Hindu Law defines a Hindu Undivided Family (HUF) as a family which consists of male lineage decedents from a common ancestor and also includes their wives and unmarried daughters. HUF is also a separate legal entity under the Income and Wealth Tax Act and is liable to pay tax. It is common knowledge that the affair of the HUF is managed by the Karta. Hindu Law is comprised of two schools of law, Dayabhaga and Mitakshra school. Dayabhaga is applied in West Bengal and Assam and Mitakshra are applied in rest of India.

Partition means ending the status of Joint Hindu Family. Under Hindu Law when the Joint Family status comes to an end there is division of property among members and joint ownership of property comes to an end. Partition of the HUF property can be of two types under the Hindu Law i.e. total and partial. In total partition, all the member of the HUF ceases to be members of the HUF and the whole property ceases to be the HUF property. In partial partnership, the willing members of the HUF opt out of the partnership and the rest of the people continue to be members of HUF. Partial partition can be property specific too where the property is divided between members and the rest of the property continues to HUF property.

To start partition proceedings all that is necessary is a clear indication by a member of the HUF to separate himself from the family. Such declaration should be known to the members of the HUF who would be affected by the decision. Partition of the property will only take place when all the members of the HUF agree to the terms of the partition.

Partition of HUF can be done through family settlement or through partition deed. Stamp duty is not required for family settlement and thus is not required to be registered, whereas partition deed attracts stamp duty and must be registered. Due to huge expenses that come along with partition, family settlement is preferred.  Things to keep in mind while perusing with the option of family settlement is that the partition should be voluntary and should be without any force, threat, coercion or fraud. It should be fair and equitable settlement and though it is unstamped and unregistered it is binding on every member.

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