A female Hindu dying intestate (without making a Will) – the property of the said Hindu goes according to the provisions made in Hindu Succession Act, 1956 – as
(a) firstly, upon the sons and daughters (including the children of any predeceased son or daughter) and the husband;
(b) secondly, upon the heirs of the husband;
(c) thirdly, upon the mother and father;
(d) fourthly, upon the heirs of the father; and
(e) lastly, upon the heirs of the mother.
Provided that – (a) any property inherited by a female Hindu from her father or mother, shall devolve, in the absence of any son or daughter of the deceased (including the children of any predeceased son or daughter) not upon the
other heirs referred hereinbefore, but upon the heirs of the father; and
(b) any property inherited by a female Hindu from her husband or from her father-in-law shall devolve, in the absence of any son or daughter of the deceased (including the children of any predeceased son or daughter) not upon the other heirs referred hereinbefore, but upon the heirs of the husband.
It is also very important to understand the concept of ?Tenant in Common? and ?Joint Tenancy?. These concepts, however, has nothing to do with ?Tenancy?. They suggest the nature of ownership of the property which is held by an individual. In India, ?Tenancy in Common? is followed, whereas in England ?Joint Tenancy? is followed. The said concept is covered u/s 45 of the Transfer of Property Act, 1882.
Tenancy in common implies, where any property is jointly held by two or more persons, every such person is absolute owner of the property (subject to the provisions of section 45 of Transfer of Property Act, 1882), in equal share, unless there is an express or implied contract to suggest the percentage of holding.
Joint tenancy is situation where any property is jointly held by two or more persons, every such person is (not absolute) owner of the property, in equal share, unless there is an express or implied contract to suggest the percentage of holding.
Like for example, if a property is owned by two persons A and B jointly, than, subject to provisions of section 45 of the Transfer of Property Act, 1882, or unless there is any contract to suggest otherwise, both A and B will have 50% share in the property; and in the event of death of A, in case of ?Tenancy in common, the 50% share of A will go to the heirs of A, and B will continue to have his 50%; whereas in case of Joint tenancy, if A dies, B becomes the 100% owner of the property, that is to say, the share of A devolves upon B. Similarly, in case of "Tenancy in Common" both A and B are entitled to dispose of their 50% share by way of Will.
As there is only one Statute (Indian Companies Act, 1956) in our country, which gives both the option to hold the property, either on Tenancy in common or Joint tenancy. The Companies in their Articles of Association may provide that the Shares would be held by the members on the basis of Joint Tenancy.
