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Author Topic: Share of the proceeds from selling of a flat  (Read 1358 times)

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Offline sonofthesoil

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Share of the proceeds from selling of a flat
« on: July 05, 2014, 09:18:17 AM »
Myself and my brother are joint owner of a flat. The price at which the flat was bought is 10 Lakh. Out of which my brother's contribution was 2.5 L and my contribution was 2.5 L (down payment). For the rest 5 L I availed loan and I have been paying the EMI from the beginning. My brother is jobless and does not earn enough to contribute in running the family. Under this circumstances, if the flat is ever sold, can I claim 75% of the money or my brother would still get 50% share even if his real contribution was only 2.5 L?
Please advise.

Offline advdesai

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Re: Share of the proceeds from selling of a flat
« Reply #1 on: July 05, 2014, 07:57:32 PM »
you both are co owners of the flat as par law, hence it is irrelavant how much who as contributed in the purchase of the flat.

the flat as par law belongs equally to both of you, so on sale the value will be equally distributed. or else if you both decide otherwise amicably
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