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Source: Live Mint With these numbers, India stands at the precipice of its largest intergenerational wealth transfer. Over the coming decades, trillions of rupees will shift hands as family businesses, assets, and investments transition from the first-generation wealth creators to their heirs. Yet, despite this seismic economic shift, most wealthy Indian families remain woefully unprepared….
Source: Live Mint When an individual who has a loan on him passes away with an outstanding amount, it raises several critical questions about the repayment of such debt along with the future course of responsibility for clearing the pending amount. That is why understanding the financial and legal consequences about debt repayment post the…
Source: Live Mint Can I buy two residential house properties to claim exemption on long-term capital gains from the sale of one house? Can I buy two house properties in the joint names of self and other family members to claim an exemption for long-term capital gains from the sale of one residential house property…
Source: Live Mint Why is it important to plan the division of an estate in detail? -Name witheld Assessing assets and liabilities A comprehensive estate plan enables the efficient distribution of wealth. By clearly defining how assets will be allocated, individuals can prevent disputes among beneficiaries and ensure their wishes are honored. Read this |…
Source: Live Mint Receiving an inheritance can be complex, especially if it involves cross-border transfers. Diya (name changed), a 60-year-old woman, found herself in a difficult situation when her father passed away in February 2023. She had dual US and Norway citizenship and an Overseas Citizen of India (OCI) card, and had been living in…
Source: Live Mint Three sisters inherited one piece of land in 2003, but it was partitioned among the sisters in 2010. For the indexed cost of the purchase in the calculation of long-term capital gain, should we take the market value as of 2003 (date of inheritance) or the market value as of 2010 (date…
Source: Live Mint I want to redeem equity mutual funds this financial year but keep gains under ₹1.25 lakh to avoid capital gains tax. How can I check the split between principal and gains before withdrawing? Is there a portal, app or website for easy calculation? —Name withheld on request While there is no specific…
Source: Live Mint I am a 50-year-old Hindu widower with two young (5 and 7 years old) daughters. I want to prepare a Will bequeathing all my assets and properties to them equally. However, I want to include a condition stipulating that my daughters would not be entitled to receive the assets and properties bequeathed…
Source: Live Mint My maternal grandparents have a property valued at close to ₹10 crore. After their demise, ideally, the property should have been distributed among children, i.e., the four sisters and two brothers, including my mother. However, my grandparents’ sons are not keen to distribute the property with the sisters. They are also not…
Source: Live Mint That’s where a conditional will—one that lets you define how, when and under what circumstances your wealth is passed on—can make all the difference. Families are increasingly using such wills to ensure their plans hold firm even when life takes an expected turn. Conditional wills As the same suggests, a conditional or…
