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Ask Mint Money | Succession laws depend on property location, person’s domicile, religion

Ask Mint Money | Succession laws depend on property location, person’s domicile, religion
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First Published: Mon, Jan 10 2011. 08 47 PM IST
Updated: Mon, Jan 10 2011. 08 47 PM IST
Succession in relation to property generally implies passing of an interest from one person to another. It is essentially the transmission of the legal rights and obligations of the deceased to his heirs. Succession also signifies the estate, rights and charges that a person leaves after his death. It includes the rights and obligations of the deceased as they exist at the time of his death and all that has accrued thereto since the opening of the succession and new charges to which it becomes subject. Finally, it signifies that right by which the heir can take possession of the estate of the deceased.
Testamentary succession is the disposition of the property of an individual generally effected by a will or codicil, which would take effect after his death. Intestate succession implies succession to the property of the deceased without him having provided for the manner in which it is to be given to his heir(s).
The laws that govern succession depend on where the property is situated, the domicile of an individual at the time of his death and his religion.
In case of immovable property situated in India, Indian laws would apply, irrespective of the deceased’s domicile. In case of movable property, the laws of the country in which the deceased has his domicile at the time of his death is applicable. Once it is determined that the laws of India would apply, then the religion of the deceased would have a bearing. For Hindus, Buddhists, Sikhs and Jains, the Hindu Succession Act, 1956, applies. For Muslims, Sharia laws and for others and those married under the Special Marriage Act, 1954, the Indian Succession Act, 1925, applies. Other laws including stamp and registration laws would also be applicable. Here’s a reader query on succession.
Our ancestral property was in the name of my grandmother and her six children (my father, his three brothers and two sisters). On my father’s death, my mother, my brother and I became the legal heirs to the property. After my grandmother’s death, my two aunts relinquished their shares in favour of their brothers. To avoid confusion, my brother and I relinquished our shares in favour of our mother so that the property is in the name of my mother and my three uncles. How can we invest the money received from this property sale into multiple properties in the name of my mother, my brother and me? What are the legal implications?
-Gaurav
There are no legal provisions that would restrict you or your brother from relinquishing your shares to your mother. The money realized from the sale of the property would be divided into four parts among your three uncles and your mother. Your mother’s share would become her absolute property and she is free to deal with it in any manner she chooses, including by investing the same in one or more immovable properties. She can also purchase such property in her individual name or in joint names of herself, your brother and you.
Queries and views at mintmoney@livemint.com
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First Published: Mon, Jan 10 2011. 08 47 PM IST