Can I show my rental income in HUF account
Source: Livemint.com

The following article was first published in the Mint newspaper on 16th May, 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 the karta of a Hindu Undivided Family (HUF) firm. My coparceners are my wife and son. I am retired and only have rental income from a house inherited from my mother through her probated will. 

Can I show my rental income in my HUF bank account? And, as and when I sell that house, can I show the sale proceeds in the HUF account? For this, do I need to transfer the  house to HUF? If yes, then what is the procedure? Isn’t the property automatically treated as HUF property, as I am also the karta of the HUF? 

What process is required to be followed in case the property is to be bequeathed after the demise of the testator which is as per the registered Will in Delhi after the mutation has been done in the municipal records. It needs to be further clarified whether the process of probate is also to be followed in Delhi or if a succession certificate is sufficient and who would issue the same?


Continue Reading Can I show my rental income in HUF account?

gift deed
Source: Livemint.com

The following article was first published in the Mint newspaper on 23rd April, 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 have a query regarding a gift deed. My father-in-law wants to gift his flat to my wife vide gift deed, but he stays abroad. Can he execute the gift deed in the Indian embassy over there?

The other option is he has already registered a power of attorney in his son’s name to sell the property, so can his son come to India and execute the gift deed?

– Name withheld on request

Continue Reading Can a gift deed be executed in India on behalf of someone who stays abroad?

How legal heirs can find out investments of their deceased kin
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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

Intestate

The recent Supreme Court (“SC”) judgment in the case of Arunachala Gounder vs. Ponnuswamy[1] is a significant one since it focusses on whether a sole daughter could inherit her father’s self-acquired property dying intestate, prior to the enactment of the Hindu Succession Act, 1956 (“Act”). It also delves into the order of succession after the death of the said daughter.

In this blog, we analyse the judgment and its impact on the property rights of Hindu women and widows under the Act.

Continue Reading A daughter’s right: Inheritance and devolution of her father’s self-acquired property

Succession Toolkit

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article, which was published by the Outlook Money on 1st April, 2022 and the online edition of the same can be found here.

Intestate succession planning laws in India are unfavourable for women. So, women must use the tools available and become the decision-makers in how their assets are transferred. The Covid pandemic has shown that life is fragile, and tragedy can strike any time. In the course of conversations with clients, we find that most women do not undertake succession planning, and even fewer understand the need for an estate plan. This is mainly due to lack of awareness, and because they usually tend to look to their husbands and/or other family members to deal with their assets. This needs to change, especially at a time when women are becoming wealth creators in their own right and are increasingly running large family businesses. Many women today are also inheriting valuable portions of the family business.

One can execute a Will just by signing it and having it attested by two witnesses. There is no requirement for having the Will mandatorily registered in India


Continue Reading Your Succession Toolkit

Intestate
Source: Livemint.com

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 March, 2022 and the online edition of the same can be found here.

How will the property of a man who has died intestate and is survived by an elder brother having sons and a daughter, besides the sons of a predeceased elder sister,  be divided? Do the sons of the late sister have equal rights as those of the elder brother?

—Name withheld on request 

Continue Reading Who is the legal heir of a man dying intestate?

property rights
Source: Livemint.com

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 9th March, 2022 and the online edition of the same can be found here.

My father had booked a flat in Mumbai many years ago but died before he could get possession. A year later, the builder handed over the flat to my mother, who currently lives there. The flat is still registered in my father’s name. What are the legalities involved in transferring the flat to her name. Also, should I have to give a NOC or power of attorney (POA) to my mother? 

— Name withheld on request

Continue Reading Should you execute PoA to relinquish property rights?

HUF
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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?

Gift deed
Source: Livemint.com

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 19th February, 2022 and the online edition of the same can be found here.

We are two brothers and one sister, and we follow Hinduism. In 1970, my father built a house on a plot which was in my mother’s name, although it was bought with my father’s money. My father expired in 1990. In 2012, my brother and I demolished the house and built a new house with our own money. After construction, my mother gifted the house to both of us equally. We requested our sister to take one floor, but she denied verbally as she is well off. In the future, can my sister or her children legally ask for a share in the house?


Continue Reading Can title of property transferred during parent’s lifetime be questioned later?

Ancestral Property
Source: Livemint.com

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 February, 2022 and the online edition of the same can be found here.

I have a query on Hindu Succession act: My mother has 6 brothers and 2 sisters, of which only 4 are alive including my mother. So Originally 9 children including my mother, Each of the brothers and sisters have children in the range of 2 to 9, I am aware that at this point my mother and the other 3 living siblings are righteous claimants on the ancestral property under Class-1.

Now my question is, – When my mother and the other siblings are no more, then how will the property be distributed?

My mother’s eldest brother has 9 children and her other siblings have an average of 2-3. So, if the total number of children all put together is 30, will it still be divided by 30 or will it be divided by 9 (i.e. my mother’s share and her 8 siblings)?

— A. Shankar

Continue Reading How will maternal grandparents property be distributed under Indian law?