Self Acquired Property
The term “separate” here indicates that the property was once collectively owned by the family but has since been divided and is now owned individually.
Self-acquired property is obtained through personal effort or labor. This includes assets gained through one’s own skills or knowledge. Only the owner can create a will for their self-acquired property. Self-acquired property encompasses any asset not considered joint family property.
For example, if B purchases property using their own funds and in their own name, it’s termed as self-acquired property. This property solely belongs to B, and neither A nor C holds any claim to it.
Key Points to Remember:
- “Separate” in this context implies formerly jointly owned property now divided into individual ownership.
- Self-acquired property is obtained through personal effort or labor, including skills or knowledge, and only the owner can create a will for it.
- It excludes joint family property, giving individuals exclusive ownership rights.
- Property purchased with one’s own funds and in their own name is self-acquired.
- Self-acquired property solely belongs to the purchaser, with no claim held by other family members.