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?

A nominee is obligated to hand over the assets to the Legal Heir
Photo Credit: Livemint

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 28th April, 2021 and the online edition of the same can be found here.

My father passed away at the age of 79 in February. In his will, he has mentioned 50:50 share to both the sons. My mother passed away seven years ago. These are the queries…


Continue Reading A nominee is obligated to hand over the assets to the legal heir

In some Indian states, stamp duty is not payable on a document through which a property has been transferred in favour of a blood relative. (Photo: iStock) – Source: Livemint

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 3rd and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/gifts-deeds-are-not-reversible-so-the-giver-can-t-get-back-the-rights-11583220828729.html

My mother and I co-own a residential property in Mumbai. She has decided to transfer her share of the property to my name. Should we prepare a gift deed or a relinquishment or release deed to execute this transfer? The property has been mortgaged to a bank, but I have obtained a no-objection certificate (NOC) for the transfer. Will I also have to ask the housing society in which the property is located to transfer the share certificate to my name? Can I include a clause in the deed to ensure that if I am survived by my mother, the rights will be transferred back to her upon my death?

—Chirag


Continue Reading Gifts deeds are not reversible, so the giver can’t get back the rights

 Legal Heirs Preferred Over Nominees - Court Decision

The issue of legatees vs. nominees still seems to be causing confusion in the minds of the public. Even after a number of clear judicial decisions on this topic, confirming that legal heirs are the correct persons to inherit assets (over that of a nominee), a new decision re-confirms this issue.

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”), on November 14th, 2019 had held that nomination does not amount to beneficial ownership to an asset and the nominee holds the asset for and on behalf of the legal heirs of the deceased. The Bench of Justice S.J. Mukhopadhyaya and Justice A.I.S. Cheema, in the case of Oswal Greentech v Mr Pankaj Oswal and Ors[1] (“Oswal”) whilst listening to the question of maintainability of the petition under Section 241-242 of the Companies Act, 2013 (“Act”), decided on the said matter.
Continue Reading Court Re-Confirms That Legal Heirs Are Preferred Over Nominees