AI Overview...
Future Property in Will
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Transfer of Future Property - It was argued that property can only be transferred upon its coming into existence; no transfer of future property is permissible. The courts have held that there is no valid transfer of interest in property that does not exist at the time of transfer. References to case law such as Satyabrata Ghosh are considered inappropriate in this context. TODAY HOMES AND INFRASTRUCTURE LTD VS JITENDER SINGH - Delhi
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Gift in Futuro - Gifts made in futuro (future) are not considered gifts in praesenti (present). Such arrangements create a life estate or a future interest, which are valid but do not constitute immediate transfer of ownership. The property will pass to the designated beneficiaries after certain conditions or at a future date. Jameela Beevi VS Sheik Ismail - Madras, Harihar Alloys (P) Ltd. , represented by its Managing Director, Mr. C. Baskaran VS Tamil Nadu Chief Revenue Controlling Officer, cum Head of Registration Department - Madras, Jameela Beevi and others VS Sheik Ismail - Madras
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Legal Position on Future Interests - The law recognizes future interests in property, such as life estates or remainders, but these do not equate to immediate transfer rights. The validity of such interests depends on the specific terms of the instrument and the intention of the settlor/donor. Jameela Beevi VS Sheik Ismail - Madras, Jameela Beevi and others VS Sheik Ismail - Madras
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Stamp Duty and Market Value - The determination of market value for stamp duty purposes is based on the property's character and potentiality at the time of the instrument's execution, not on future potential use. The value is assessed as of the date of transfer, considering the land's existing use and legal status. This principle is supported by various rulings emphasizing the importance of the property's status at the relevant date, rather than future possibilities. State of Rajasthan VS Prahalad Rai - Rajasthan, Institute Of The Franciscan Clarist Sisters Thru President VS State of U. P. Thru Secretary Registration U. P. Govt. - Allahabad, Vishun Dei Devi VS State of U. P. - Allahabad, Vikas Sahakari Avas Samiti Ltd. VS State of U. P. - Allahabad, Harish Chandra Maurya VS State of U. P. - Allahabad
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Limitations on Future User References - While future use can be considered for valuation, its relevance is limited. The primary focus remains on the property's current state and legal character at the time of transfer, with future potential only influencing valuation to a limited extent. Ashok Kumar son of Sh. Charan Dass VS State of Haryana through Land Acquisition Collector - Punjab and Haryana
Analysis and Conclusion
The legal framework indicates that future property—whether in the context of wills, gifts, or transfers—is generally not considered transferable in praesenti. Instead, such interests are recognized as future interests or estates, which become effective only upon the occurrence of specified future events. For stamp duty and valuation purposes, the property's character and market value are determined based on its status at the time of the transfer or execution of the instrument, with future potentiality playing a limited or secondary role. This approach ensures clarity and consistency in property transactions and taxation.
Search Results for "Reference of Future Property in will"
2015 0 Supreme(Del) 2218 • India - Delhi
S.RAVINDRA BHAT, DEEPA SHARMA
It was argued that property could be transferred only upon its coming into existence and no future property could be the subject matter of such transfer. ... So also, the plea that without suing for specific performance (which was not possible given that it related to future property) the claimant could not have recovered damages has to fail. ... There is no transfer of interest in property. ... The reference to Satyabrata Ghosh (supra) is inappropriate, given the nat....
2005 0 Supreme(Raj) 242 • India - Rajasthan
KAMAL NAYAN SHRIMAL
– Held – Market value is to be determined with reference to the date of execution – Mere possibility of use of property is not criteria ... Calculated stamp duty on commercial rate on the ground that plot is situated on highway and likely to be used for commercial purposes in future ... ... Jherh jktdqekjh cuke lc jftLVªkj] HkhyokM+k] 1990 vkjvkjMh i`"B 333 esa jktLo e.My dh ,dyihB us vfHkfu/kkZfjr fd;k gS%& ... ``Indian Stamp Act (as adapted to Rajasthan), Section 47-A Collector decides the market value of the property....
1978 0 Supreme(Mad) 366 • India - Madras
RAMAPRASADA RAO, SATHAR SAYEED
was a gift in futuro and not a gift in praesenti. ... B-7 created a valid life estate in favor of the first defendant with respect to item 1 of the C schedule property. ... and after his death, the property will go to the first defendant and after her death, it should go to defendants 2 and 3. ... In that document, the donor has stated that his eldest son i.e., the plaintiff was not amicable with him and that in order to avoid disputes in future with reference to the settlor's property....
2022 0 Supreme(Mad) 3847 • India - Madras
K. MURALI SHANKAR
Finding of the Court: The court found that the market value of the property should be determined with reference to ... Ratio Decidendi: The court established that the market value of the property should be determined with reference to the date ... of market value and the relevance of the usage of the land in the future. ... Considering the above, the legal position is very clear that the market value of the property has to be determined with reference to the date o....
1978 0 Supreme(Mad) 365 • India - Madras
T.RAMAPRASADA RAO, M.A.SATHAR SAYEED
In that document, the donor has stated that his eldest son, i.e., the plaintiff was not amicable with him and that in order to avoid disputes in future with reference to the settlor’s property after settlor’s death, the first defendant on account of the services rendered by her to the settlor, and also ... The trial Court has not applied its mind to this point and has erroneously considered this item of property as falling within the purview section 149 of Mulla’s Mahomedan Law. of With great respect, we disagree with th....
2020 0 Supreme(All) 291 • India - Allahabad
PANKAJ BHATIA
Act was made in respect of the property in question. ... Stamp Act - Section 47-A - Petitioner, a society registered under the Societies Registration Act purchased a property ... Valuation Rules, valuing the property which was the prescribed rate by the Collector, for agricultural lands and consequently, the ... The market value of the property is to be determined with reference to its character on the date of execution of the instrument and its potentiality as on that date. ... The market value of the ....
2017 0 Supreme(All) 2505 • India - Allahabad
B.AMIT STHALEKAR
time of execution of the instrument, not on potential future use. ... Ratio Decidendi: The market value of the property for stamp duty purposes should be determined based on its nature at the ... found that the market value of the land should have been determined based on its nature at the time of purchase, not on potential future ... The market value of the property is to be determined with reference to its character on the date of execution of the instrument and its potentiality as on that date. ... ....
2017 0 Supreme(All) 2504 • India - Allahabad
B.AMIT STHALEKAR
found that the assessment of stamp duty should be based on the status of the land at the time of the sale deed, not its potential future ... Issues: The main issue was the determination of stamp duty based on the nature of the land at the time of sale versus its potential future ... It referenced legal precedents to support this finding. ... The market value of the property is to be determined with reference to its character on the date of execution of the instrument and its potentiality as on that date....
2017 0 Supreme(All) 2517 • India - Allahabad
B.AMIT STHALEKAR
Finding of the Court: The court found that the determination of market value at commercial rates based on potential future ... that the nature of the land at the time of purchase and its potentiality should be considered for stamp duty calculation, not its future ... The market value of the property is to be determined with reference to its character on the date of execution of the instrument and its potentiality as on that date. ... to the use to which a buyer intends to put it in future. ... The per....
2012 0 Supreme(P&H) 1357 • India - Punjab and Haryana
K.KANNAN
by the beneficiary or how the properties had been subsequently dealt with through auctions--The reference to a future user shall ... compensation of acquisition of undeveloped lands since statutory authorities adopt different rates for plots in the same area with reference ... has been effectively put to use either on residential or commercial plot of for common utilities--Held, User of the property has ... The reference to a future user shall be brought for reckoning only to a limited....
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