Presentation is loading. Please wait.

Presentation is loading. Please wait.

Our Network and Associates

Similar presentations


Presentation on theme: "Our Network and Associates"— Presentation transcript:

1 Our Network and Associates
Canada USA India BVI Cyprus Hong Kong Dubai St. Lucia Nigeria Singapore Succession Planning Mauritius Best Practices Integrity & Ethics Excellence Professionalism Timeline Adherence Systematic Approach Responsive To Changing Needs Confidentiality CA VINOD JAIN Chairman, INMACS Global | Simple Solutions to Complex Business Needs

2 Our FOCUS Hindu Succession Act,1956 Intestate Succession General
Special provisions relating to succession Escheat Testamentary Succession

3 HINDU SUCCESSION ACT, 1956 General rules of succession in the case of males: The property of a male Hindu dying intestate shall devolve according to the provisions of this Chapter- firstly, upon the heirs, being the relatives specified in class I of the Schedule; secondly, if there is no heir of class I, then upon the heirs, being the relatives specified in class II of the Schedule; thirdly, if there is no heir of any of the two classes, then upon the agnates of the deceased; and lastly, if there is no agnate, then upon the cognates of the deceased. Contd….

4 HINDU SUCCESSION ACT, 1956 Distribution of property among heirs in class I of the Schedule The property of an intestate shall be divided among the heirs in class I of the Schedule in accordance with the following rules: Rule 1-The intestate’s widow, or if there are more widows than one, all the widows together, shall take one share. Rule 2-The surviving sons and daughters and the mother of the intestate shall each take one share. Rule 3-The heirs in the branch of each pre-deceased son or each pre-deceased daughter of the intestate shall take between them one share.

5 HINDU SUCCESSION ACT, 1956 Rule 4-The distribution of the share referred to in Rule 3- among the heirs in the branch of the pre-deceased son shall be so made that his widow (or widows together) and the surviving sons and daughters get equal portions; and the branch of his predeceased sons gets the same portion; among the heirs in the branch of the pre-deceased daughter shall be so made that the surviving sons and daughters get equal portions.

6 HINDU SUCCESSION ACT, 1956 Distribution of property among heirs in class II of the Schedule The property of an intestate shall be divided between the heirs specified In the order in which each category is listed in any one entry in class II of the Schedule so that they share equally.

7 HINDU SUCCESSION ACT, 1956 Order of Succession among agnates and cognates: Rule 1- Of two heirs, the one who has fewer or no degrees of ascent is preferred. Rule2- Where the number of degrees of ascent is the same or none, that heir is preferred who has fewer or no degrees of descent Rule 3-Whether neither heirs is entitled to be preferred to the other under Rule 1 or Rule 2 they take simultaneously .

8 HINDU SUCCESSION ACT, 1956 DEFINITIONS CLASS I Heirs are:- Son
Daughter Widow Mother son of a pre-deceased son daughter of a pre-deceased son son of a pre-deceased daughter daughter of a pre-deceased daughter

9 HINDU SUCCESSION ACT, 1956 Widow of a pre-deceased son
Son of a, pre-deceased son of a predeceased son Daughter of a pre-deceased son of a predeceased son Widow of a pre-deceased son of a predeceased son. Note:- If there is more than one widow, multiple surviving sons and daughters, or multiples of any of the other heirs listed above, each shall be granted one share of the deceased’s property. Also if the widow of a pre-deceased son, the widow of a pre-deceased son of a pre-deceased son or the widow of a brother has remarried, she is not entitled to receive the inheritance.

10 HINDU SUCCESSION ACT, 1956 CLASS II Heirs are:- Class II heirs are categorized as follows and are given the property of the deceased in the following order: Father Son's daughter's son , Son's daughter's daughter , Brother , Sister Daughter's son's son, Daughter's son's daughter, Daughter's daughter's son, Daughter's daughter's daughter. Brother's son, Sister's son, Brother's daughter, sister’s daughter Father’s father, Father’s mother Father’s widow, Brother’s widow Father’s Brother, father’s sister Mother’s father, Mother’s mother Mother’s brother, Mother’s sister *Brother /sister does not include brother or sister by uterine blood Uterine blood- by different husbands

11 HINDU SUCCESSION ACT, 1956 "Agnate"- one person is said to be an "agnate" of another if the two are related by blood or adoption wholly through males. "Cognate"- one person is said to be a cognate of another if the two are related by blood or adoption but not wholly through males

12 HINDU SUCCESSION ACT, 1956 General rules of succession in the case of female Hindus: (Section 15(1)) The property of a female Hindu dying intestate shall devolve according to the rules set out in section 16 : firstly, upon the sons and daughters (including the children of any pre-deceased son or daughter) and the husband; secondly, upon the heirs of the husband; thirdly, upon the mother and father; fourthly, upon the heirs of the father; and lastly, upon the heirs of the mother. Contd….

13 HINDU SUCCESSION ACT, 1956 General rules of succession in the case of female Hindus(Section15(2)) Notwithstanding anything contained in sub-section (1)- any property inherited by a female Hindu from her father or mother shall devolve, in the absence of any son or daughter of the deceased (including the children of any pre-deceased son or daughter) not upon the other heirs referred to in sub-section (1) in the order specified therein, but upon the heirs of the father; and

14 HINDU SUCCESSION ACT, 1956 General rules of succession in the case of female Hindus(Section15(2)) Notwithstanding anything contained in sub-section (1)- any property inherited by a female Hindu from her husband or from her father-in-law shall devolve, in the absence of any son or daughter of the deceased (including the children of any pre-deceased son or daughter) not upon the other heirs referred to in sub-section (1) in the order specified therein, but upon the heirs of the husband.

15 HINDU SUCCESSION ACT, 1956 Order of Succession and manner of distribution among heirs of a female hindu: In the order in which each category is listed in any one entry in class II of the Schedule so that they share equally. If any son or daughter of the intestate had pre-deceased the intestate leaving his or her own children alive at the time of the intestate’s death, the children of such son or daughter shall take between them the share which such son or daughter would have taken if living at the intestate’s death

16 HINDU SUCCESSION ACT, 1956 Order of Succession and manner of distribution among heirs of a female hindu: The devolution of the property of the intestate on the heirs of husband, father , mother and sub-section (2) of section 15 shall be in the same order and according to the same rules as would have applied if the property had been the father’s or the mother’s or the husband’s as the case may be, and such person had died intestate in respect thereof immediately after the intestate’s death

17 HINDU SUCCESSION ACT, 1956 Special Provisions relating to succession:
Full blood heirs of intestate to be preferred to half blood. If two or more heirs succeed together they shall take properly per capita(and not per stirpes) and as tenants is common(and not as joint tenants) A child in womb at the time of interstate’s death and subsequently born alive shall have same right to inherit as if born before interstate’s death Simultaneous deaths- When 2 persons have died in circumstances rendering it difficult to identify who survived the other, then it shall be presumed that the younger survived the elder. If an estate is distributed per stirpes, each living member of a group of beneficiaries closest to the person making the distribution will receive an equal share of the estate. However, if one of the beneficiaries predeceases the person making the distribution, that beneficiary’s descendants will take by representation the share of the estate to which their parent would have been entitled. If an estate is distributed per capita, all the living members of an identified group will receive an equal share of the decedent’s estate. However, if a member of the identified group predeceases the decedent, then his or her share would pass to the other members of the group rather than to his descendants. In tenancy in common, death of one of the parties shall have the effect of transferring the rights of the decedent tenant in favor of his heirs. In joint tenancy, the parties enjoy the right of survivorship. This means that when one of the co-owners die, the survivor co-owner shall get the decedent's share over the property.  

18 HINDU SUCCESSION ACT, 1956 Special Provisions relating to succession:
If an interest in any immovable property devolves upon 2 or more heirs specified in Class I of the schedule, and any one of such heirs proposes to transfer his/her interest, then other heirs shall have a preferential right to acquire the interest proposed to be transferred A person who commits murder or abet the commission of murder shall be disqualified from inheriting property of the murdered person When a hindu ceases after conversion to another religion, children born to him or her after conversion and their descendants shall be disqualified from inheriting property No person shall be disqualified from succeeding any property on ground of disease, defect or deformity. Deformity-body part mishappen

19 HINDU SUCCESSION ACT, 1956 Escheat
If intestate left no qualified heir, such property shall devolve on the government and it shall take such property with all obligations Testamentary Succession Any hindu may dispose of by will or other testamentary disposition any property in accordance with the provisions of Indian Succession Act or any other law in force and applicable to hindus

20 HINDU SUCCESSION (Amendment) ACT, 2005
The Hindu Succession (Amendment) Act, 2005 is to remove gender discriminatory provisions in the Hindu Succession Act, 1956 and gives the following rights to daughters: The daughter of a coparcener shall by birth become a coparcener in her own right in the same manner as the son; The daughter has the same rights in the coparcenary property as she would have had if she had been a son; The daughter shall be subject to the same liability in the said coparcenary property as that of a son; Contd…

21 HINDU SUCCESSION (Amendment) ACT, 2005
The daughter is allotted the same share as is allotted to a son; The share of the pre-deceased son or a pre-deceased daughter shall be allotted to the surviving child of such pre-deceased son or of such pre-deceased daughter; After 20th December 2004 Female Property part of HUF ( Joint Hindu Family ) Held by her As a Co – Parcener Capable of being disposed of by testamentary disposition

22 HINDU SUCCESSION (Amendment) ACT, 2005
HUF Property – Succession – MITAKSHARA LAW Where a Hindu dies After 20th December , 2004 Interest in Joint Hindu Family Property shall devolve By testamentary or Intestate succession Not by survivorship As if the full partition has taken place immediately before death and Daughter is allotted same share as to a son Shares of predeceased son or predeceased daughter allotted to surviving son and daughter of such predeceased : and so on

23 INMACS Management Services Ltd.
   INMACS Management Services Ltd. GURGAON Global Business Square Building No. 32, Sector 44 Institutional Area, Gurgaon, Haryana – NEW DELHI 909 Chiranjiv Tower 43 Nehru Place New Delhi – 4696, Brij Bhawan, 21A Ansari Road, Darya Ganj, New Delhi Disclaimer: While every care has been taken to ensure accuracy of this presentation, INMACS Global shall not assume any liability/ responsibility for any errors that might creep in. The material herein does not constitute/ substitute professional advice that may be required before acting on any matter.


Download ppt "Our Network and Associates"

Similar presentations


Ads by Google