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Revoking Gifts by Senior Citizens: Supreme Court judgment ‘Beneficial’ but questions remain

Introduction

In our previous blog post (accessed here), we discussed the judgement of the Supreme Court (SC) in Sudesh Chhikara v. Ramti Devi & Anr[1] (Sudesh Chhikara), whichheld that a gift or transfer of property by a senior citizen may be declared void by a Maintenance Tribunal only if certain conditions as set out in section 23(1) of the under the Maintenance and Welfare of Parents and Senior Citizens Act, 2007 (Senior Citizens Act) are fulfilled.Continue Reading Revoking Gifts by Senior Citizens: Supreme Court judgment ‘Beneficial’ but questions remain

Nomination v. Succession – SC Finally Settles the Debate

Historical Background

The longstanding debate on the conflict between the rights of nominees and legal heirs over the devolution of shares has always been the cause of much controversy and confusion despite the settled legal position holding the legal heir as the ultimate rightful owner of the property. A nominee can act only as a…

Divorced Daughter Claim Maintenance from her Family Members under Hindu Adoption and Maintenance Act, 1956?.

Litigation centred around ‘maintenance’ remains an abrasive subject for litigants. For the courts, it is usually a mixed question of law and facts. However, at times, the issues involve an exercise in statutory interpretation. Recently, the Hon’ble Delhi High Court[1] ruled that a ‘divorced daughter’ cannot claim maintenance from her brother or her mother. The rationale being that a divorced daughter does not qualify as a ‘Dependent’ under Section 21 of the Hindu Adoption and Maintenance Act, 1956 (“HAMA” or the “Act”). The Hon’ble Delhi High Court, in this case, was sitting in appeal over a judgement of the Ld. Judge, Family Court, South-East Saket, New Delhi (“Saket Family Court”), which had dismissed the appellant’s plaint. As the Hon’ble Delhi High Court refused to set aside the judgement of the Saket Family Court, in the process, it clarified the law on maintenance to divorced daughters in India. An overview of the law in respect of maintenance under the HAMA may provide a useful background to the issues involved in this lis.Continue Reading Can a Divorced Daughter Claim Maintenance from her Family Members under Hindu Adoption and Maintenance Act, 1956?

Civil Procedure

INTRODUCTION:

It is trite law that a personal action or claim extinguishes with the death of a person. This principle has been appropriately captured in the common law maxim – “action personalismoritur cum persona”, which is the Latin equivalent for “a personal right of action dies with the person”. The maxim, however, has limited application on cases, such as (i) a defamatory action, (ii) criminal proceedings in lieu of personal injury not amounting to murder, (iii) where the grant of any relief in a suit would be nugatory owing to the death of a party, etc. However, where a judgement debtor dies before fully satisfying a money payment decree, the decree holder can apply to the court that had passed the decree to get the decree executed against the legal representatives and/ or legal heirs of the deceased judgement debtor. Here, the above mentioned common law maxim has no application. In this paper, we will discuss the extent of liability of a legal heir in such a situation where the judgement debtor has expired before the execution of a money decree.Continue Reading Liability of Legal Heirs Vis-À-Vis Code of Civil Procedure

Fund structures are gaining popularity among wealthy individuals in India as optimum structures to help with wealth planning, investments, and tax management. Family offices are viewing GIFT City, India’s first international financial services centre (“IFSC”), for the purpose of facilitating global investments in a structured manner. Continue Reading IFSCA Relaxes Rules for Family Investment Funds in GIFT City

Transferred Property

Introduction

Fifteen years ago, senior citizens (citizens aged 60 years and above), were provided the benefit of statutory protection for certain vital rights under the Maintenance and Welfare of Parents and Senior Citizens Act, 2007 (Senior Citizens Act). These rights included the right to reclaim property gifted or transferred to children or heirs.Continue Reading Senior Citizens: Supreme Court clarifies position on reclaiming conditional gift

HUF Property
Source: Livemint.com

The following article was first published in the Mint newspaper on 7th December, 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 transfer certain shares from my elder brother’s HUF (Hindu undivided family) account to my individual account as he is more than 75 years old now. I am not a member of his HUF. What is the legal procedure to transfer these stocks?

—Name withheld on requestContinue Reading What is the legal procedure to transfer shares from my brother’s HUF account?

Should I write a will or form a trust to distribute my assets
Source: Livemint.com

The following article was first published in the Mint newspaper on 1st November, 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 76 years old and hence want to write a will. I have two houses worth ₹2 crore. We are living in one of the houses and the other is rented for ₹75,000 per month. We also booked a shop having a resale value of ₹1 crore. I have ₹1.6 crore in mutual funds and ₹65 lakh in shares. 

I have a wife and a daughter. I want all my assets to be given to my wife and thereafter to a trust that should decide on monthly distribution  of income from the assets to my daughter and grandson. Thereby, I want to ensure that the assets generate wealth without being misused by anyone. Please guide me on how I should go about setting up a trust.

—Name withheld on requestContinue Reading Should I write a will or form a trust to distribute my assets?

Do FDs accrue interest after owner’s death
Source: Livemint.com

The following article was first published in the Mint newspaper on 4th October, 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 parents died and I am their nominee in the various fixed deposits (FDs) they left behind. The FDs will mature on different dates in the next two years. Can I withdraw an FD at the time of maturity? What would be rate of interest payable on these deposits from the date of death of parents till the maturity date. Also, is it compulsory for the nominee to withdraw all FDs after the death of the holder?

—Name withheld on requestContinue Reading Do FDs accrue interest after owner’s death?