Is it possible to sell any property after registering it as gift deed?

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?

Source: HBO.com

“I’m not saying I’d make a better CEO. That’s unsaid.” – Connor Roy

At the time of publication, we are just a few days away from the release of the final season of HBO’s highly acclaimed family business drama, Succession. For many viewers in India, the show’s portrayal of the perils and tribulations of running a family business hits uncomfortably close to home. Many would say this show is an example of art imitating life. Others may see it as a docudrama about their family business. It is a poignant example of what can happen without a clear succession plan, and it packages together many common issues faced by many Indian family businesses – such as an aging founder who is unwilling to cede control or induct his middle aged children, a failure to modernize (as seen in many older media houses that are going through similar existential dilemmas), siblings squabbling for the CEO role, and a founder family & business enthralled in multiple full-blown crises.Continue Reading HBO’s Succession: Reel-to-Real life lessons for Indian Family Businesses

Do FDs accrue interest after owner’s death
Source: Livemint.com

The following article was first published in the Mint newspaper on 4th October, 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 parents died and I am their nominee in the various fixed deposits (FDs) they left behind. The FDs will mature on different dates in the next two years. Can I withdraw an FD at the time of maturity? What would be rate of interest payable on these deposits from the date of death of parents till the maturity date. Also, is it compulsory for the nominee to withdraw all FDs after the death of the holder?

—Name withheld on requestContinue Reading Do FDs accrue interest after owner’s death?

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?

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 26th May, 2020 and the online edition of the same can be found here.

My parents have a flat in a housing society in Gurugram and it’s in their joint names. My father is no more and according to his Will (not registered or probated but notarized and on stamp paper with two witnesses), all his property and wealth went to my mother. Now, she has a Will, dividing all her fixed and movable wealth among her three children. If we need to sell the property after our mother dies, what are the steps we should take for smooth sale? The conveyance deed is original, with the names of both my parents. Since we do not live in Gurugram, we want to avoid running around to different departments. Can you give us the right procedure? Is there any agency that can help us in Gurugram? Will there be any tax liability at the point of sale? Who will need to bear it?

—Anshi Dorairaj

Continue Reading Without a Will, all Class 1 heirs inherit equal share in a property