What is the inheritance tax to be paid by the nri legal heir by inheriting assets in India.whether Indian law applies or the law of that country where he lives?
My wife is passed away leaving plot without any will . But l got transferred the property on my name . Does my son and daughter are entitled for share.
@@rajagopalanjayakumaran7110Nominee is just a trustee and not the actual beneficial owner. Good to have nomination place plus back it up with a Will to make it robust and less litigative
Both my parents expired within the last year and they have some FDs, Gold bank locker and one house in Mangalore. Luckily no stock market. I am in the USA with my wife's delivery due date next week. All the FDs have nominees. However there is no WILL. I am the only son. Can the FDs run its course of 10 years under their name ?? I cannot spend months together in India as my job does not have work from home facility and on a H1B visa. What happens if house is in their name until I return to India for retirement ?? I had convinced my mother to write a WILL by showing chandrakanth bhats videos. But she suddenly collapsed with a brain stroke and did not have any pre existing symptoms.
😮 Sad circumstances but here’s general feedback: 1. For FDs having the Nominee is sufficient (along with Death Certificate) to have funds released. There will be some penalty for Early Termination of FD. Talk to the Bank for required steps + Documentation. You can keep the FD going for 1-2 yrs but it’s unwise to let it continue for 10yrs till maturity. 2. Get Surviving Member Certificate from local authority. Succession Certificate is better but requires a LOT of time, headaches & dealing with Court process. Get a decent Lawyer to file SMC paperwork. It’s a straightforward process for them. Gets approved in 3-4 weeks. 3. Most important is to file Tax Returns for BOTH parents post-death and have yourself named as Legal Heir with Tax Dept (it’s an Online Application). There are Documentation steps involved but you will get Approval in 5-7 days if paperwork is complete. Note: Tax Deadline for FY 2022-2023 just passed and is July 31st. So get a good CA to handle all the above. It’s money well spent. 4. Registered Will is most important for Immovable Property ie. House. It can remain in parents name for several years but at some point you’ll need to get it transferred to your name (assuming you want to Sell or Rent it). Get SMC lawyer to handle name/Title transfer also. Will take 6-12 months and you’ll have to make 2 trips. In the meantime make sure you pay all the annual House Tax, monthly Utilities Bills, etc. Will cause lot of headaches if not taken care of. 5. Open an NRO Account with local bank like SBI, HDFC, PNB, ICICI, etc. Use it to pay all the Bills + receive the Inheritance proceeds over time (which can be eventually repatriated to the US if that’s your preference). 6. As you can probably tell from above, will require multiple 2-3 week trips in next 1-2 yrs to complete all the above. Plus having good CA & Lawyer is a MUST. p.s. If you have any sisters, they will be equals in sharing Inheritance proceeds from House/Jewelry. But Nominees for Bank have sole control & discretion over those particular funds.
@@robshastri1346 Hats off to you sir. I am in such deep pain of losing my parents and was feeling so low over all these processes. I will preserve your feedback and follow the instructions. You are a very good human to take time and write in.
Will is still valid with a NRI executor but better to amend the Will at that point to have a local executor which helps immensely with the asset transfer process.
No one should be spared from paying a very stiff inheritance tax as it's hard cash ultimately that is gained by the inheritor, legatee or benificiary.!
Thanks Dr Bhatt. Nikhil is very crisp and concise in his talk.
Very useful info. However, indication of the typical fees for services thru Yellow Portal etc would have been even more helpful.
Very useful discussion. An eye-opener. Thank you to both.
What is the inheritance tax to be paid by the nri legal heir by inheriting assets in India.whether Indian law applies or the law of that country where he lives?
My wife is passed away leaving plot without any will . But l got transferred the property on my name . Does my son and daughter are entitled for share.
Is inheritance tax going to come to india and what percentage and when
Insightful video
What about creating a trust?? Please explain
As per the latest SEBI and RBI instructions, MF houses and LIC have started asking FACTA detai
...details for NRI nominee, after all investments r done by resident parents. Is it sensible?
@@rajagopalanjayakumaran7110Nominee is just a trustee and not the actual beneficial owner. Good to have nomination place plus back it up with a Will to make it robust and less litigative
5even if u nominate a relative
Both my parents expired within the last year and they have some FDs, Gold bank locker and one house in Mangalore. Luckily no stock market. I am in the USA with my wife's delivery due date next week. All the FDs have nominees. However there is no WILL. I am the only son. Can the FDs run its course of 10 years under their name ?? I cannot spend months together in India as my job does not have work from home facility and on a H1B visa. What happens if house is in their name until I return to India for retirement ?? I had convinced my mother to write a WILL by showing chandrakanth bhats videos. But she suddenly collapsed with a brain stroke and did not have any pre existing symptoms.
😮 Sad circumstances but here’s general feedback:
1. For FDs having the Nominee is sufficient (along with Death Certificate) to have funds released. There will be some penalty for Early Termination of FD. Talk to the Bank for required steps + Documentation.
You can keep the FD going for 1-2 yrs but it’s unwise to let it continue for 10yrs till maturity.
2. Get Surviving Member Certificate from local authority. Succession Certificate is better but requires a LOT of time, headaches & dealing with Court process.
Get a decent Lawyer to file SMC paperwork. It’s a straightforward process for them. Gets approved in 3-4 weeks.
3. Most important is to file Tax Returns for BOTH parents post-death and have yourself named as Legal Heir with Tax Dept (it’s an Online Application). There are Documentation steps involved but you will get Approval in 5-7 days if paperwork is complete.
Note: Tax Deadline for FY 2022-2023 just passed and is July 31st.
So get a good CA to handle all the above. It’s money well spent.
4. Registered Will is most important for Immovable Property ie. House. It can remain in parents name for several years but at some point you’ll need to get it transferred to your name (assuming you want to Sell or Rent it).
Get SMC lawyer to handle name/Title transfer also. Will take 6-12 months and you’ll have to make 2 trips.
In the meantime make sure you pay all the annual House Tax, monthly Utilities Bills, etc. Will cause lot of headaches if not taken care of.
5. Open an NRO Account with local bank like SBI, HDFC, PNB, ICICI, etc. Use it to pay all the Bills + receive the Inheritance proceeds over time (which can be eventually repatriated to the US if that’s your preference).
6. As you can probably tell from above, will require multiple 2-3 week trips in next 1-2 yrs to complete all the above. Plus having good CA & Lawyer is a MUST.
p.s. If you have any sisters, they will be equals in sharing Inheritance proceeds from House/Jewelry.
But Nominees for Bank have sole control & discretion over those particular funds.
@@robshastri1346 Hats off to you sir. I am in such deep pain of losing my parents and was feeling so low over all these processes. I will preserve your feedback and follow the instructions. You are a very good human to take time and write in.
What is the fees?
If the executor of the will , becomes an NRI ( moving to children by getting GC, ) does the will become valid
Will is still valid with a NRI executor but better to amend the Will at that point to have a local executor which helps immensely with the asset transfer process.
No one should be spared from paying a very stiff inheritance tax as it's hard cash ultimately that is gained by the inheritor, legatee or benificiary.!