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?

reverse mortgaged 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 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?

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
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 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?

SEBI

The Securities Exchange Board of India (“SEBI”), in its board meeting dated February 15, 2022, announced the decision to appoint separate Chairperson/ Chairman and Managing Director in the top 500 listed companies as voluntary. This decision comes ahead of the April 01, 2022, deadline, to mandatorily split the roles of Chairperson and Managing Directors (“MD”)/ Chief Executive Officer (“CEO”), against the backdrop of a mere 4% incremental improvement in compliance by top 500 listed companies.[1]

Continue Reading SEBI relaxes separation of roles of Chairperson and CEO – A blessing in disguise?

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?

Release 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 16th February, 2022 and the online edition of the same can be found here.

Is mutation of property possible through unregistered Will?

— Name withheld on request

Continue Reading Is release deed for immovable property a valid document?

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?