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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

Can my mother who is not a coparcener be karta in HUF
Source: Livemint.com

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 …

Continue Reading Can my mother who is not a coparcener be karta in HUF?

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?

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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

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Continue Reading Your Succession Toolkit

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

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Continue Reading What is the right of an heir in the mutual fund holdings of a parent?

Karta
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 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…

Continue Reading Can my mother be the karta of the HUF?

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 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?

Rights of 'members' of an HUF remain extremely limited
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 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

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Continue Reading Rights of ‘members’ of an HUF remain extremely limited

Maiden name won't cause complications in property dealings
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 23rd June, 2021 and the online edition of the same can be found here.

I bought a house in my name in 2007 after marriage. At that time, I had my PAN card and bank accounts in my maiden name. So, the house was registered in my maiden name. Later, I changed the name in my PAN card and bank accounts when I added my husband’s surname to my maiden name. Now, the house is registered in my maiden name, while all my documents and IDs have my husband’s surname added to my name. Will this anomaly create a complication later if I plan to sell the house or plan to bequeath it? What do I need to do to avoid this complication in future?

—Mrs Khare…

Continue Reading Maiden name won’t cause complications in property dealings