I am the father and natural guardian of an 8-year-old daughter.
My daughter inherited a 50% undivided share in a residential 2BHK flat located in Borivali, Mumbai, through a Will for which Probate was granted by the Hon'ble Bombay High Court. Her name has been entered in the Co-operative Housing Society share certificate and the property has subsequently been conveyed.
The remaining 50% share is owned by my father-in-law, who is currently 87 years old and suffers from significant age-related health issues. My daughter, my wife and I are residents of Pune.
We are considering selling the property for the following reasons:
1. The property generates a relatively low rental yield compared to its market value.
2. Managing and maintaining the property from Pune is becoming increasingly difficult.
3. My father-in-law wishes to liquidate his share as part of his estate planning and personal financial arrangements.
Our intention after the sale would be:
1. My father-in-law would receive his 50% share of the sale proceeds.
2. My daughter's 50% share of the proceeds would be preserved exclusively for her benefit and either:
a. Reinvested in another residential property purchased solely in her name, or
b. Invested in mutual funds and other approved investments in her name.
My questions are:
1. Is prior court permission mandatory for sale of my minor daughter's inherited share?
2. Which court would have jurisdiction in this case:
* Pune (where the minor ordinarily resides), or
* Mumbai (where the property is situated)?
3. What is the usual legal process and timeline for obtaining such permission in Maharashtra?
4. Is reinvestment of the minor's sale proceeds into another residential property solely in her name generally viewed favourably by the court?
5. Would the court typically prefer reinvestment into real estate over mutual funds/equity investments?
6. What practical challenges or objections are commonly encountered in such petitions?
I would be grateful for guidance from advocates who have handled similar matters involving sale of a minor's inherited share in Maharashtra.