‘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.
“Essentially the idea was to withdraw from a place that has four walls. You do not want to live in four walls, because four walls create a false sense of immortality. If you are already in a box, it gives you a coffin-like feeling. When you live in a coffin, you think you are going to be here forever.”
– Sadhguru
Continue Reading A Promoter’s Vanaprastha: Trust the Process!
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 8th November, 2021 and the online edition of the same can be found here.
If the first account holder of a fixed deposit dies, who will become the owner of the account? Is it the second account holder or all the legal heirs of the first account holder?
—Name withheld on request
Continue Reading What happens to the FD account if the deposit holder dies?
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 24th November, 2021 and the online edition of the same can be found here.
My brother-in-law passed away suddenly and has not left any Will. He has a house in his name which is under mortgage for a loan. He is survived by his wife, a son who is a major and his mother. The house isn’t an ancestral property. It is a Hindu family. If the house is sold after a few years of the death of his mother, who will be the legal heirs for the money? Will it be my sister and her son only or will the legal heirs of the mother (another son and two daughters) also be a part?
—Name withheld on request
Continue Reading If my brother-in-law died intestate, who will be the legal heir?
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 10th November, 2021 and the online edition of the same can be found here.
My father wants to transfer our house to my sister as a gift deed. I’m willing to sign a no objection certificate for the same. My father cannot hold a steady hand while writing or signing and is not able to get up on his own, let alone walk. The house is in my father’s name. My sister has been caring for my mother and father for years now. Somebody said that we should hire a pro for video recording if my father cannot go to the registration office to sign the gift deed. It could cost ₹30,000-40,000. Would his thumb impression taken at home be enough? What is the right process to follow?
—Name withheld on request
Continue Reading Two witnesses need to be present for executing a gift deed
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 27th October, 2021 and the online edition of the same can be found here.
My question is regarding my share in a house built by my father. The said house was built in 1990 and registered in the name of my mother and my elder brother (I was a minor then). My father passed away in 2016 and all immovable assets were transferred in my mother’s name. My mother has always maintained that all her assets, movable and immovable, be shared equally between us brothers. She has not made any Will and I do not feel comfortable asking her to make one either. My question is that in the absence of any Will, what is my share in the said house? Since the house is registered jointly in the name of my brother and my mother, she legally owns half of the house. Will my share amount to half of her share, i.e 50% of 50% = 25% or will it be her complete share, i.e 50%?
—Name withheld on request
Continue Reading A will can help in ensuring smooth transition of assets
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 13th October, 2021 and the online edition of the same can be found here.
We are two brothers and one sister. In the event of our parent’s demise, we brothers stand to inherit some immovable property and we plan to pay some amount to our sister in settlement. What is the right way to execute this?
— Name with held on request
Continue Reading A family settlement agreement offers a hassle-free solution
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 29th September, 2021 and the online edition of the same can be found here.
Do married daughters have rights over their father’s self-acquired property if the father passed away in 1999, which is before the Hindu Succession (Amendment) Act, 2005? Also, the daughters in this case were married before 1986, after they received proper settlements with land plots and were told that they would have no share in the remaining property of the father, earmarked for the sons. The father also wrote a Will stating that all his acquired property will go to his wife and sons alone. But due to his illness, he could not get it signed by two witnesses. Also due to change of residence and his death, only a photocopy of this Will was found. Can this Will be used in any way?
—Name withheld on request
Continue Reading A Will is invalid in the absence of witnesses
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 14th September, 2021 and the online edition of the same can be found here.
What is the status of the wife of the grandson in a Hindu undivided family (HUF)?
—Shiv Kumar Jha
Continue Reading Rights of ‘members’ of an HUF remain extremely limited
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 18th August, 2021 and the online edition of the same can be found here.
I reside in Mumbai with my family in a flat transferred to me as per the Will of my father after his death. Now, I wish to sell this flat. I have two siblings, one in Mumbai and another in Chennai. For selling the flat, is it necessary to get their approval? Do they have to sign the sale deed, as the Will is not probated? My brother in Chennai is unable to move out of his house due to ill health. Is it necessary to get a power of attorney (PoA) from him to sell the flat? If yes, how can it be done? Is it necessary that I must also be present to sign in the PoA? Also, considering the health of my brother, is there a provision to call the registrar home and certify the PoA deed? Please advise.
—Mallika G.
Continue Reading Probate Compulsory for a Will to bequeath property in Mumbai