The following article was first published in the Mint newspaper on 12th September, 2023. 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.Continue Reading Is it possible to sell any property after registering it as gift deed?
The following article was first published in the Mint newspaper on 17th January, 2023. 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.
‘Should I write a will or form a trust to distribute my assets?’, mentioned setting up a trust with a daughter as trustee and adding one more person as trustee and beneficiary. As far as I know, a trustee cannot be the beneficiary. Please confirm if this is correct.
—Dinesh HariaContinue Reading Can trustee also be a beneficiary while setting up a trust in India?
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
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 requestContinue Reading Can my brother living in Bangladesh gift me land inherited here?
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?
– Name withheld on request
Continue Reading Can I show my rental income in HUF account?
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 10th November, 2021 and the online edition of the same can be found here.
My father wants to transfer our house to my sister as a gift deed. I’m willing to sign a no objection certificate for the same. My father cannot hold a steady hand while writing or signing and is not able to get up on his own, let alone walk. The house is in my father’s name. My sister has been caring for my mother and father for years now. Somebody said that we should hire a pro for video recording if my father cannot go to the registration office to sign the gift deed. It could cost ₹30,000-40,000. Would his thumb impression taken at home be enough? What is the right process to follow?
—Name withheld on requestContinue Reading Two witnesses need to be present for executing a gift deed
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 26th May, 2021 and the online edition of the same can be found here.
My grandmother executed a Will and got it registered at the sub-registrar’s office. While putting her thumb impression, she did it twice. She is educated and appended her signature on it. The staff captured her image and took her thumb impression on the computer, too. Will it affect the genuineness of the Will?
—Chimnay
Continue Reading The validity of a Will is determined by a testamentary court
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 03rd March, 2021 and the online edition of the same can be found here.
We are three brothers who inherited a freehold property in 2003 through a duly registered will. We got the property mutated in our joint names with the municipal authority for payment of annual property tax, jointly. We decided to rebuild it into three dwelling units. The Municipal Corporation of Delhi (MCD) sanctioned these plans, and we have obtained the completion certificate. We entered into written family agreements for the partition of our shares by draw of lots. However, some disputes arose before its enforcement, which were settled through the mediation and reconciliation centre (MRC) of the Delhi High Court. This memorandum of understanding (MoU) is the agreed settled ownership. We got our shares registered individually with the MCD and have been paying property tax.
To get our rights of individual titles, do we have to get it registered with the sub-registrar? If so, is stamp duty payable?
Where would the ownership records be available after our deaths if the property is not registered with the sub-registrar, but the registration has been done with the municipality?
—Subhash KumarContinue Reading Your mother should formally request the society for documents
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 27th January, 2021 and the online edition of the same can be found here.
I wish to gift shares worth a few lakhs of rupees to my parent, who is retired and has no income, so that the dividend can be used as income. Will I need to make a gift deed and register it? Will my parent be taxed? Can my parent gift or will back the shares to me at a later date?