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. The absence of…
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 demise of an…
In the complex world of asset distribution, the rights of nominees, particularly in life insurance policies, have been a subject of ongoing legal debate. Traditionally, nominees have been regarded as trustees, holding the proceeds of an insurance policy temporarily for the rightful legal heirs. However, a significant shift occurred with the 2015 amendment to the…
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 held for 20…
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 Norway with her…
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 when the inherited…
I want to redeem equity mutual funds this financial year but keep gains under â‚ą1.25 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 portal or app…
MUMBAI : Raj went through a divorce five years ago and is now remarried to Anita (who is also divorced from her husband). Raj has two children from his previous marriage and one from his new marriage. Anita has one child from her previous marriage as well. Raj hasn’t formally adopted the child of Anita’s…
