The issue of the matrimonial property and joint ownership of property by Hindu women has been a subject of debate for a long time. From the ancient Vedic era to the contemporary legal developments, it remains a subject yet to be fully explored and resolved. Often, during divorce proceedings, the dispute regarding the matrimonial property arises. In most cases, women are in a disadvantaged position. The lack of a statute completely regulating matrimonial property rights is a matter of concern. However, the Indian law does have partial recognition of matrimonial property and joint ownership under Section 27 of the Hindu Marriage Act, 1955. However, it is narrow in scope and only provides limited relief. This leads to aggravating the crisis of gender inequality. Therefore, this chapter offers a critical examination of Section 27 while exploring the arguments for a statute regulating more equitable joint ownership for advocating gender equality and to protect the economic interests of women.