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Tanmay Patnaik

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Principal Associate in the Private Client Practice at the Mumbai office of Cyril Amarchand Mangaldas. Tanmay specialises in family constitutions and settlements, trusts, wills and succession planning. He can be reached at tanmay.patnaik@cyrilshroff.com

 

 

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Examining the gift deed is key prior to any legal challenge
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 14th April, 2021 and the online edition of the same can be found here.

I am 76 and in the process of writing my will. At present, I have a residential apartment in my name, along with my wife and elder daughter. As per my will, can I assign this property to my wife and younger daughter (and not my elder daughter)?

—Name withheld on request…
Continue Reading Examining the gift deed is key prior to any legal challenge

Inheritance in absence of will

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 31st March, 2021 and the online edition of the same can be found here.

I got married to a widower with an adopted girl, who is now 25 years old. The property is in the name of my husband, who’d told me that he had explained to the daughter that I would get the property after his death and then to her as she is the only child. The house we stay in is in his name, with the nominee being his daughter. He is not taking initiative to discuss or make both of us secure. Please advise the best course of action. She neither wants to get married nor take up a job.

— Name withheld on request

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Continue Reading Inheritance in absence of will creates co-ownership rights over assets

Immovable Property Limitations 12 Years
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 17th March, 2021 and the online edition of the same can be found here.

Is it possible to do a gift deed for leasehold DDA flat?

—Name withheld on request…
Continue Reading Statutory limitation period for immovable property is 12 years

Your mother should formally request the society for documents
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 03rd March, 2021 and the online edition of the same can be found here.

We are three brothers who inherited a freehold property in 2003 through a duly registered will. We got the property mutated in our joint names with the municipal authority for payment of annual property tax, jointly. We decided to rebuild it into three dwelling units. The Municipal Corporation of Delhi (MCD) sanctioned these plans, and we have obtained the completion certificate. We entered into written family agreements for the partition of our shares by draw of lots. However, some disputes arose before its enforcement, which were settled through the mediation and reconciliation centre (MRC) of the Delhi High Court. This memorandum of understanding (MoU) is the agreed settled ownership. We got our shares registered individually with the MCD and have been paying property tax.

To get our rights of individual titles, do we have to get it registered with the sub-registrar? If so, is stamp duty payable?

Where would the ownership records be available after our deaths if the property is not registered with the sub-registrar, but the registration has been done with the municipality?

—Subhash Kumar

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Continue Reading Your mother should formally request the society for documents

If your aunt wants to bequeath her house to your mother, she will have to execute a will

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 18th February, 2021 and the online edition of the same can be found here.

My 70-year-old maternal aunt is unmarried and has a house in which she, my mother, younger brother and I have been staying together since 2002. The aunt is my maternal grandfather’s sister’s daughter. My mother has an elder brother too. My aunt inherited the house from her mother. What will be the status of the house when she passes away? Will my mother still have the right to stay in it? My mother and aunt have an “either survivor bank account” and locker, in which they keep their money and valuables. What will happen to that account in case of my aunt’s death?

—Name withheld on request

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Continue Reading If your aunt wants to bequeath her house to your mother, she will have to execute a will

Rules for Will under Army order depend on when it was made
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 10th February, 2021 and the online edition of the same can be found here.

I am a serving Army officer (Hindu by religion). I have made my Will under Army Order 4/91; it’s an unregistered Will. I experienced a lot of problems inheriting a property from my mother, as hers was a non-registered Will, hence I want to make a registered Will. The opening lines of any Will state that “I revoke all the past Wills”. If I write that in my registered Will, it may not be as per my department’s format. The existing Will lacks detail. What should I do?

—Name withheld on request

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Continue Reading Rules for Will under Army order depend on when it was made

It isn’t mandatory to execute gift deed for transferring shares
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 27th January, 2021 and the online edition of the same can be found here.

I wish to gift shares worth a few lakhs of rupees to my parent, who is retired and has no income, so that the dividend can be used as income. Will I need to make a gift deed and register it? Will my parent be taxed? Can my parent gift or will back the shares to me at a later date?

– S. Arora

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Continue Reading It isn’t mandatory to execute gift deed for transferring shares

Seek a probate if will lists an immovable property in Mumbai

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 13th January, 2021 and the online edition of the same can be found here.

My late mother, by way of a will, transferred her residential flat in Mumbai to my late father. The managing committee (MC) wanted my father to probate the will. The deputy registrar (during my late father’s lifetime) gave written orders that since my mother’s will is unchallenged, no probate was required. However, since the MC insisted, we approached the high court (after my dad passed away) where it was mentioned that an undisputed will needs no probate. My late father made a nomination mentioning me, my sister, my wife and two sons. My sister and I, the legal heirs, entered into a family agreement, wherein she released her right to the flat in my favour. Now, the MC is again asking for a probate of the will. What should I do next?

—S. Padmanabhan

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Continue Reading Seek a probate if will lists an immovable property in Mumbai

Will executed by a Muslim does not mandatorily need a probate
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 02nd December, 2020 and the online edition of the same can be found here.

My maternal grandfather had inherited some property from his father. My mother passed away in 1997 and my grandfather in 2018 without any partition or will. My mother’s brother is denying that I have any share in the property. Do I have a legal share in it as the son of a predeceased daughter, as per the recent clarifications on the Hindu Succession Act?

—Name withheld on request

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Continue Reading Will executed by a Muslim does not mandatorily need a probate

Blog Image_Why Family Offices need to think beyond money

The Rockefellers are quite possibly the most well-known industrialist family in modern history, whose family name is synonymous with staggering wealth and power. Starting in 1882, the Rockefellers set up an office of trained professionals to handle their wealth. Although never formally called a “family office”, this idea was the seed that gave rise to the concept in modern times as several wealthy families began to follow suit.…
Continue Reading Why Family Offices need to think beyond money: The importance of Family Governance – Part 1