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Senior Associate Designate in the Private Client Practice at the Mumbai Office of Cyril Amarchand Mangaldas. Varsha specializes in advising on trust structures, family governance and settlements, and succession laws. She can be reached at varsha.reddy@cyrilshroff.com

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 26th May, 2020 and the online edition of the same can be found here.

My parents have a flat in a housing society in Gurugram and it’s in their joint names. My father is no more and according to his Will (not registered or probated but notarized and on stamp paper with two witnesses), all his property and wealth went to my mother. Now, she has a Will, dividing all her fixed and movable wealth among her three children. If we need to sell the property after our mother dies, what are the steps we should take for smooth sale? The conveyance deed is original, with the names of both my parents. Since we do not live in Gurugram, we want to avoid running around to different departments. Can you give us the right procedure? Is there any agency that can help us in Gurugram? Will there be any tax liability at the point of sale? Who will need to bear it?

—Anshi Dorairaj


Continue Reading Without a Will, all Class 1 heirs inherit equal share in a property

Eldest Female Coparcener HUF
Photo: istock via livemint.com

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 12th May, 2020 and the online edition of the same can be found here.

My father recently passed away. We had an Hindu Undivided Family (HUF). It comprises of my mother, my two brothers and one elder sister. My father was the karta. Can we make our mother or unmarried elder sister the karta? What will happen when the sister gets married?

—Raman Verma
Continue Reading Eldest female coparcener can be karta of a Hindu Undivided Family

Online Wills India
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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 28th April, 2020 and the online edition of the same can be found here.

What is the validity of online Will services? Are they enforceable in law? Also, if I am using such services, what are the things I should keep in mind?

—Kumar
Continue Reading Online Wills are not equipped to handle estates with any complexity

Codicil Change or Alter a Will
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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 and the online edition of the same can be found here.

I am 54. I want to add some more things to my existing Will. Will I need to make a new one or can an existing Will be altered? If an existing Will can be altered, what is the procedure?

—Nirav


Continue Reading You can add or delete parts of your Will through a codicil

 India’s Finance Act 2020, COVID–19 & HNIs - An Update

The Finance Bill, 2020 (“Bill”) was presented as the Union Budget on February 1, 2020 (“Budget”) and then introduced in the Lower House of Parliament (Lok Sabha) – it was finally passed on March 23, 2020 with certain key amendments (“Amendment”). Interestingly, this was passed without any discussions in Parliament and received the presidential assent on March 27. Accordingly, the same will come into effect from April 1, 2020 (“Finance Act”).

The Finance Act needs to be seen in light of the ongoing COVID-19 pandemic being played out in India. As India undergoes a 21-day lockdown, post passing of the Amendment, the government is undertaking pro-active measures by way of press conferences to address the pressing needs of the society. To begin with, the government announced an extension of various statutory compliances for taxpayers (discussed below). Next, the Finance Minister (“FM”) announced a COVID-19 relief package for the poor, which primarily covers food security and direct cash transfers to them. Lastly, on March 27, Reserve Bank of India (“RBI”) Governor, Shaktikanta Das slashed the key lending rate by 75 basis points in an emergency move, to counter the economic fallout of the said lockdown. The RBI also permitted all commercial banks and lending institutions to allow a 3-month moratorium on loans. “Banks should do all they can to keep credit flowing,” Mr Das said.
Continue Reading India’s Finance Act 2020, COVID–19 & HNIs: An Update

In some Indian states, stamp duty is not payable on a document through which a property has been transferred in favour of a blood relative. (Photo: iStock) – Source: Livemint

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 3rd and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/gifts-deeds-are-not-reversible-so-the-giver-can-t-get-back-the-rights-11583220828729.html

My mother and I co-own a residential property in Mumbai. She has decided to transfer her share of the property to my name. Should we prepare a gift deed or a relinquishment or release deed to execute this transfer? The property has been mortgaged to a bank, but I have obtained a no-objection certificate (NOC) for the transfer. Will I also have to ask the housing society in which the property is located to transfer the share certificate to my name? Can I include a clause in the deed to ensure that if I am survived by my mother, the rights will be transferred back to her upon my death?

—Chirag


Continue Reading Gifts deeds are not reversible, so the giver can’t get back the rights

 Pets as beneficaries in trust or will
Image Source: iStock | Livemint.com

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 1 and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/you-can-t-name-your-pets-as-beneficiaries-of-a-trust-or-will-11582011911565.html

I am 61 years old and widowed. I have two dogs and a cat. Can I create a trust in their names to ensure that they are taken care of after my demise? What other options can I explore while planning my estate? Also, what will happen to the trust or any such entity after my pets die?

—Name withheld on request


Continue Reading You can’t name your pets as the beneficiaries of a trust or Will

Will and testament
The Indian Succession Act does not make it compulsory to appoint an executor of a Will, (iStock)

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 and the online edition of the same can be found at: https://www.livemint.com/insurance/news/it-is-not-necessary-to-appoint-a-lawyer-as-executor-of-your-will-11580203086115.html

My life insurance policies have nominees. But I want the life insurance proceeds to go to a few other people, too. I wish to specify the same in the Will. Can it get challenged as the nominee names are different?

Will Making
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The Private Client team at Cyril Amarchand Mangaldas is delighted to share, via our Private Client blog, our comments and opinions shared in various leading media publications globally. We hope these inputs help our clients and readers gain a practical perspective into key legal, financial, commercial and other aspects that need to be duly considered in Estate Planning.

The following Q&A was published by the Mint Newspaper on and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/trust-made-under-will-works-well-for-bequeathing-assets-to-a-minor-11578997625506.html.

For further information, please contact our Partner & Co-Head of our Private Client team, Mr. Rishabh Shroff, at Rishabh.shroff@cyrilshroff.com
Continue Reading Trust made under Will works well for bequeathing assets to a minor

 Legal Heirs Preferred Over Nominees - Court Decision

The issue of legatees vs. nominees still seems to be causing confusion in the minds of the public. Even after a number of clear judicial decisions on this topic, confirming that legal heirs are the correct persons to inherit assets (over that of a nominee), a new decision re-confirms this issue.

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”), on November 14th, 2019 had held that nomination does not amount to beneficial ownership to an asset and the nominee holds the asset for and on behalf of the legal heirs of the deceased. The Bench of Justice S.J. Mukhopadhyaya and Justice A.I.S. Cheema, in the case of Oswal Greentech v Mr Pankaj Oswal and Ors[1] (“Oswal”) whilst listening to the question of maintainability of the petition under Section 241-242 of the Companies Act, 2013 (“Act”), decided on the said matter.
Continue Reading Court Re-Confirms That Legal Heirs Are Preferred Over Nominees