Limitation, the law and it’s applicability (Part-2)

Computation of limitation period:- This is in continuation to the earlier part dealing with the process of computation of the limitation period. Section 15 of the Limitation Act, 1963 provides for exclusion of the following time from calculation of limitation period:- (1) The time during which the person was out of country, (2) the time [...]

Limitation, the law and it’s applicability

Limitation, under the Limitation Act, 1963, means the period of time allowed by the law within which, an aggrieved person is entitled to approach a court of law, for legal remedy for infringement of a right and restoration for the same. The remedy becomes time barred after the expiry of that period and no suit [...]

Actionable claim

As defined under section 3 of Transfer of Property Act, 1882, “actionable claim” is a claim on which action can be initiated in a court of law for relief. It can be interpreted in this way also that it is a right of a person to initiate action in a court of law to secure [...]

“Right to property” of women in joint property

Prior to Hindu Womens’ Right to Properties Act 1937, women were excluded from getting a share in the Joint Family Property. Succession to the property of male member was governed by rule of survivorship which means that on death of a member of joint and undivided family, his share in the joint family property passes [...]

Forefeiture of advance amount / Earnest money

In a transaction involving immovable property, the buyer and seller jointly finalize a deal and agree to the terms and conditions put forward by respective parties, such agreement is reduced to writing on non judicial stamp paper and is formally called “Agreement to Sell / Sale Agreement”. Normally the buyer pays to the seller an [...]

Reverse mortgage

As the name suggests sometimes it is mistaken to be the reverse process of “Mortgage” but the fact is that it is very much a process of mortgage with only difference that the borrower need not repay the loan or interest amount. Normal mortgage, as defined under section 58 of Transfer of Property Act, 1882, [...]

Activities after sale of immovable property

The general belief is that after selling an immovable property and receipt of sale proceeds the seller needs nothing to do pertaining to the sale transaction and can sit pretty idle. It is the buyer who has to take care of mutation, payment of civic taxes, repairing, renovation, furnishing and a lot of other things [...]