Property Law
Source: Livemint.com

The following article was first published in the Mint newspaper on 14th June, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I am an Indian, but my brother settled down in Bangladesh 30 years ago and is now a citizen there. He wants to gift me the property that he inherited here after the demise of our father. What is the process for this transaction?

— Name withheld on request

Continue Reading Can my brother living in Bangladesh gift me land inherited here?

How is the gifting of money or property to a relative taxed
Source: Livemint.com

The following article was first published in the Mint newspaper on 7th June, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I want to gift money to my elder brother. What will be the tax implications. Can I also gift immovable property to my brother?

— Name withheld on request

Continue Reading How is the gifting of money or property to a relative taxed?

SEBI Directive on Promoter Group

In April 2022, the Securities and Exchange Board of India (SEBI) issued a directive (SEBI Directive) to the Association of Investment Bankers of India (AIBI) and some of its members on ways in which IPO bound companies could seek exemptions in relation to ‘promoter group’ disclosures in IPO offer documents.

In addition to introducing a further layer of complexity to the process of taking a company public, the SEBI Directive has reignited discussions on the relevance and significance of ‘promoter group’ as a concept.

Continue Reading SEBI Directive on Promoter Group: Another spanner in the works?

Can my mother who is not a coparcener be karta in HUF
Source: Livemint.com

The following article was first published in the Mint newspaper on 25th May, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My father, who was the karta of our HUF (Hindu undivided family), with my mother, elder sister and I as members, died two years ago. Thereafter, the bank where the HUF account is held is insisting on transferring it only to my elder sister.

Under the circumstances, is there any possibility for my mother to become the karta of the HUF? What is the relevant legal section that needs to be quoted for necessitating a transfer to my mother’s name? Additionally, will there be a change in the PAN (permanent account number)  after transfer of the HUF? Will it also lead to a change in the name of the HUF? 

—Name withheld on request 

Continue Reading Can my mother who is not a coparcener be karta in HUF?

Can I show my rental income in HUF account
Source: Livemint.com

The following article was first published in the Mint newspaper on 16th May, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I am the karta of a Hindu Undivided Family (HUF) firm. My coparceners are my wife and son. I am retired and only have rental income from a house inherited from my mother through her probated will. 

Can I show my rental income in my HUF bank account? And, as and when I sell that house, can I show the sale proceeds in the HUF account? For this, do I need to transfer the  house to HUF? If yes, then what is the procedure? Isn’t the property automatically treated as HUF property, as I am also the karta of the HUF? 

What process is required to be followed in case the property is to be bequeathed after the demise of the testator which is as per the registered Will in Delhi after the mutation has been done in the municipal records. It needs to be further clarified whether the process of probate is also to be followed in Delhi or if a succession certificate is sufficient and who would issue the same?

Continue Reading Can I show my rental income in HUF account?

Foreign Contributions Regulations in India

India’s diverse social fabric needs no introduction. In a developing country, ‘constructive’ philanthropy designed to cater to the fast-growing needs is particularly important. In a country with massive population such as ours, it’s often difficult for the government machinery to engineer a trickle down of every social welfare scheme. This is where Non-governmental organisations or associations (‘NGOs’) come in to play an important part. They work with the government and focus on their purpose, which can be religion, human rights, animal rights, poverty eradication, environment, etc. NGOs can be international, national, or regional and can adapt quickly and respond to the changing needs of the society faster than a government organisation which require executive and electoral approval for action.[1]

Continue Reading Foreign Contributions Regulations in India – Towards a Stricter Regime

Leaving on Jet Plane Key Legal Considerations for Business Owners Migrating Abroad

‘All my bags are packed, I’m ready to go…’

-John Denver

The opening line of John Denver’s iconic song ‘Leaving on a jet plane’ may seem prosaic at first glance, but it describes the single most important act before embarking on any journey – packing your bags! While packing for a vacation in Monaco or St. Tropez is fairly easy, ‘packing’ for an offshore migration is likely to parachute you into a regulatory and compliance maze.

Continue Reading Leaving on Jet Plane – Key Legal Considerations for Business Owners Migrating Abroad

gift deed
Source: Livemint.com

The following article was first published in the Mint newspaper on 23rd April, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I have a query regarding a gift deed. My father-in-law wants to gift his flat to my wife vide gift deed, but he stays abroad. Can he execute the gift deed in the Indian embassy over there?

The other option is he has already registered a power of attorney in his son’s name to sell the property, so can his son come to India and execute the gift deed?

– Name withheld on request

Continue Reading Can a gift deed be executed in India on behalf of someone who stays abroad?

How legal heirs can find out investments of their deceased kin
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 20th April, 2022 and the online edition of the same can be found here.

I lost a friend a few days ago. I know that he had invested in stocks and mutual funds (MFs) but his family is unaware of this. What is the procedure by which his family can know about all the investments he had made prior to his death?

— Kartik Sharma

Continue Reading How legal heirs can find out investments of their deceased kin

Intestate

The recent Supreme Court (“SC”) judgment in the case of Arunachala Gounder vs. Ponnuswamy[1] is a significant one since it focusses on whether a sole daughter could inherit her father’s self-acquired property dying intestate, prior to the enactment of the Hindu Succession Act, 1956 (“Act”). It also delves into the order of succession after the death of the said daughter.

In this blog, we analyse the judgment and its impact on the property rights of Hindu women and widows under the Act.

Continue Reading A daughter’s right: Inheritance and devolution of her father’s self-acquired property