Freedom A Self-Acquired Property Offers You

Most of us struggle for a large part of our lives to build a home. While we toil to do so we often begrudge the fact that others had it easy because they inherited property. Would it not be better to just inherit a big house with a big happy family and live happily ever after, like they show in the movies? If that is any consolation to you, these lucky ones do have their limitations, too.

Here are five reasons why self-acquired properties are worth going through all that struggle:

• It is entirely your decision who you sell your self-acquired property. This is not true in case of inherited properties. While you can sell your share to a third party, the coparceners will have the first right to acquire your share. Under the provisions of the Transfer of Property law, you would need their permission to sell your share to another person.  

• You might be a member of a joint family and hence possess a share in your ancestral property. However, you do not have an exclusive right in the property. Your self-acquired property is solely and exclusively yours. You can do whatever you want to do with it, and whenever you want to do it, a luxury you cannot afford in case of an inherited property.

• Unhappy with you children and want to write them off in your will? Entirely your choice if it is a self-acquired property! While the law also enables a coparcener to dispose of his share through a will in an undivided property, the claimant might find it difficult to get his share if he is a third party. Similarly, you can gift your self-acquired property to anyone you chose. In an inherited property, you have to get on board other shareholders to do so.

• You stay in a large ancestral home and have a big happy family. However, the danger that new family members may not find this big happy family concept pleasing to their taste and may want to ask for a partition will always linger. In your self-acquired property, there is no scope for such fears and apprehensions.

• Whether you like it or not, your share in your ancestral property is constantly decreasing as newer members keep adding into the family. Under the Hindu law, your children, your grandchildren and your great grandchildren acquire by birth a right in the ancestral property. Same is true of families of other copartners. By and by, your share in your ancestral property may turn insignificant.