Unlocking Offshore Opportunities for Indian HNIs and Family Offices under the new Overseas Investment Regime

“You can never cross the ocean unless you have the courage to lose sight of the shore.”

–Christopher Columbus

Columbus’s expeditions in the late 14th century ushered in a period of exploration for the modern world. This has been aptly described as the ‘Age of Discovery’. Centuries later, the allure of offshore opportunities continues to enchant and has grown multi-fold. Today, these opportunities need not be sought out by deploying a flotilla, but require you to simply navigate certain regulatory and global banking channels.

Continue Reading Unlocking Offshore Opportunities for Indian HNIs and Family Offices under the new Overseas Investment Regime

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How to deal with claims on a property when there is no will.

The following article was first published in the Mint newspaper on 10th August, 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 great-grandfather had two sons and three daughters. He had purchased a property in 1980 but died without leaving a will. Recently, both his sons and a daughter died. The other two daughters are claiming a share of that property from my father and uncles. The property has been maintained by my grandfather, my father and uncles for the past 35 years. The two had been given a fixed amount of cash along with some jewellery by my grandfather but that is not recorded anywhere. What can we do in such a situation?

—Name withheld on request Continue Reading How to deal with claims on a property when there is no will

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Can you contest for any changes in a will made by your father
Source: Livemint.com

The following article was first published in the Mint newspaper on 3rd August, 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 father has in his will made long back stated that his property should be transferred in the name of my elder brother in the unfortunate event of his death. I am married now but as his only daughter, can I contest for changes to be made in the Will and thereby get a share in his property?

—Name withheld on request 

Continue Reading Can you contest for any changes in a will made by your father?

Dissolution of HUF
Source: Livemint.com

The following article was first published in the Mint newspaper on 21st July, 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.

What are the steps that a woman needs to take to transfer shares to her son upon the dissolution of a HUF (Hindu undivided family)?

—Name withheld on request 

Continue Reading How a woman can transfer shares to her son on dissolution of HUF

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joint power of attorney
Source: Livemint.com

The following article was first published in the Mint newspaper on 29th June, 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 sole owner of a plot of land. Can I write a joint power of attorney to my two sons so as to enable them to sell or register that by mutual agreement and later share the amount?

— Name withheld on request

Continue Reading How do I give a joint power of attorney to my sons to sell land?

Property Law
Source: Livemint.com

The following article was first published in the Mint newspaper on 14th June, 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 an Indian, but my brother settled down in Bangladesh 30 years ago and is now a citizen there. He wants to gift me the property that he inherited here after the demise of our father. What is the process for this transaction?

— Name withheld on request

Continue Reading Can my brother living in Bangladesh gift me land inherited here?

How is the gifting of money or property to a relative taxed
Source: Livemint.com

The following article was first published in the Mint newspaper on 7th June, 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 gift money to my elder brother. What will be the tax implications. Can I also gift immovable property to my brother?

— Name withheld on request

Continue Reading How is the gifting of money or property to a relative taxed?

SEBI Directive on Promoter Group

In April 2022, the Securities and Exchange Board of India (SEBI) issued a directive (SEBI Directive) to the Association of Investment Bankers of India (AIBI) and some of its members on ways in which IPO bound companies could seek exemptions in relation to ‘promoter group’ disclosures in IPO offer documents.

In addition to introducing a further layer of complexity to the process of taking a company public, the SEBI Directive has reignited discussions on the relevance and significance of ‘promoter group’ as a concept.

Continue Reading SEBI Directive on Promoter Group: Another spanner in the works?

Can my mother who is not a coparcener be karta in HUF
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The following article was first published in the Mint newspaper on 25th 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.

My father, who was the karta of our HUF (Hindu undivided family), with my mother, elder sister and I as members, died two years ago. Thereafter, the bank where the HUF account is held is insisting on transferring it only to my elder sister.

Under the circumstances, is there any possibility for my mother to become the karta of the HUF? What is the relevant legal section that needs to be quoted for necessitating a transfer to my mother’s name? Additionally, will there be a change in the PAN (permanent account number)  after transfer of the HUF? Will it also lead to a change in the name of the HUF? 

—Name withheld on request 

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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?