The following Q&A was first published in the Legal 500 and Legal Business Magazine on 8th March, 2024. The same was written by our Private Client team at Cyril Amarchand Mangaldas. The online version of the Q&A can be found here.Continue Reading Private Client Year Book 2024: Q&A India
Chirag Shah
Principal Associate in the General Corporate-Private Client Practice at the Mumbai office of Cyril Amarchand Mangaldas. He can be reached at ck.shah@cyrilshroff.com
Does unregistered codicil alter the terms of a registered will?
The following article was first published in the Mint newspaper on 5th March, 2024. 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.Continue Reading Does unregistered codicil alter the terms of a registered will?
How to ensure fair distribution of assets in an estate plan?
The following article was first published in the Mint newspaper on 28th February, 2024. 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.Continue Reading How to ensure fair distribution of assets in an estate plan?
Is it possible to sell any property after registering it as gift deed?
The following article was first published in the Mint newspaper on 12th September, 2023. 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.Continue Reading Is it possible to sell any property after registering it as gift deed?
Is there a tax-friendly method for dividing my mother’s property?
The following article was first published in the Mint newspaper on 15th August, 2023. 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, my sister and I are the sole legal heirs of my mother’s immoveable property situated in Delhi. My father wishes that the said property or realizable value thereof may be shared equally by both the children. What is the suitable, tax-friendly method of achieving this division of property? One simple way could be that my father signs a deed of relinquishment before the mutation of the property. Is there any other alternative method that will be tax efficient and would not entail payment of stamp duty or any other levies?
—Name withheld on requestContinue Reading Is there a tax-friendly method for dividing my mother’s property?
Can a married woman set up a HUF with just her parents?
The following article was first published in the Mint newspaper on 08th August, 2023. 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.
Can a Hindu family, comprising a married woman, her parents and her two very young children form a Hindu undivided family (HUF)?
—Saranya NTContinue Reading Can a married woman set up a HUF with just her parents?
How to send money to your adult children living abroad
The following article was first published in the Mint newspaper on 30th May, 2023. 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 son (17) and daughter (21). My daughter plans to go abroad for two years. I have two queries: i) How much money can I send her in a year, and can it be every month or does it have to be once a year? ii) I have created a private trust for the benefit of my children. Can I send the money through a private trust?
—Name withheld on requestContinue Reading How to send money to your adult children living abroad
What is a living will and how is it different from a regular will?
The following article was first published in the Mint newspaper on 29th March, 2023. 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.
What is a living will? Is it any different from a regular will?
—Name withheld on request
A living will is a written legal document that individuals can execute during their lifetime, whereby they can specify whether they shall or shall not be given medical treatment in the future if they become terminally ill. It does not deal with the disposal of any property, either during one’s lifetime or after death. On the other hand, a last will and testament is a formal, legal declaration of the intention of individuals with respect to their property which they desire to be carried into effect after their death—strict formalities apply to its execution and implementation.Continue Reading What is a living will and how is it different from a regular will?
Can children claim rights over property that has been sold?
The following article was first published in the Mint newspaper on 14th February, 2023. 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.
A woman sold her share of the ancestral property in 1960. Can her three children, all of whom were born after the sale, have any claim in the ancestral property?
—Name withheld on requestContinue Reading Can children claim rights over property that has been sold?
Can trustee also be a beneficiary while setting up a trust in India?
The following article was first published in the Mint newspaper on 17th January, 2023. 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.
‘Should I write a will or form a trust to distribute my assets?’, mentioned setting up a trust with a daughter as trustee and adding one more person as trustee and beneficiary. As far as I know, a trustee cannot be the beneficiary. Please confirm if this is correct.
—Dinesh HariaContinue Reading Can trustee also be a beneficiary while setting up a trust in India?