‘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.
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 20th April, 2022 and the online edition of the same can be found here.
I lost a friend a few days ago. I know that he had invested in stocks and mutual funds (MFs) but his family is unaware of this. What is the procedure by which his family can know about all the investments he had made prior to his death?
— Kartik Sharma
Continue Reading How legal heirs can find out investments of their deceased kin
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 12th March, 2022 and the online edition of the same can be found here.
One of my relatives has reverse mortgaged his house, he died recently. It is understood that there is a specific will insisted by the banker and got executed at the time of reverse mortgage, wherein it says, “the property will devolve on my wife with absolute rights” and so on. Are the legal heirs eligible to claim for the rights of the said property?
– Arun
Continue Reading Can legal heirs have claim in the reverse mortgaged property?
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 20th February, 2022 and the online edition of the same can be found here.
My dad had invested in mutual funds in which my mother was a nominee. I have lost my parents and wish to transmit them in my name. My query is – whether these mutual funds can be transferred to a Hindu Undivided Family (HUF) that I have created to reduce tax liability?
—Name withheld on request
Continue Reading What is the right of an heir in the mutual fund holdings of a parent?
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 23rd January, 2022 and the online edition of the same can be found here.
My mother is a widow. My father expired 10 years ago. We are two (major) sons and a married daughter. We brothers have created a HUF with an initial capital of ₹50,000 received as a gift in marriage. Can my mother create a HUF being a karta and we two sons as coparcener?
-Pinrani
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 January, 2022 and the online edition of the same can be found here.
My father-in-law died of covid on 6 September 2020 and my mother-in-law died on 13 December 2020. My wife is their only daughter. I need some clarity on the following:
a. My father-in-law had some HUF (Hindu Undivided Family) bank accounts and mutual funds. How do my wife or I run the accounts or withdraw the money.
b. My father-in-law has some shares and bank accounts in which his brother or sister-in-law are the nominees. How do I claim those from them?
– Kapil R. Tulsan
Continue Reading How can I withdraw money from HUF accounts of in-laws?
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 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 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.
Continue Reading Will executed by a Muslim does not mandatorily need a probate
In our blog post titled “Maintenance and Women[1]”, we had inter alia discussed various statutory provisions under which women in India can claim maintenance. This blog post is in furtherance to the said post.
Recognising the dire need to have uniformity, consistency, procedural fairness and time efficiency in disposal of maintenance applications, the Supreme Court has recently, in the matter of Rajnesh v. Neha & Anr.[2] inter alia, framed guidelines on certain aspects pertaining to payment of maintenance in matrimonial disputes (“Guidelines”). Further, the Court has also set out a comprehensive format in which the Affidavit of Disclosure of Assets and Liabilities (“Affidavit of Disclosure”) is to be filed by parties to matrimonial disputes of such nature.
Continue Reading Supreme Court Clarifies the Law on Maintenance