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Ensure Smooth Passing Over of Your Immovable Properties

Keep A Joint Holder Or Make A Nomination And Direct A Clear Bequest Under Your Will! Several readers have raised a number of interesting queries with reference to the two articles on Will in this column during the last fortnight. Some issues of practical importance are responded to hereunder:  Overcoming Problems for Property in Single Name  Query: Many times an immovable property is purchased only in single name,...

Model Draft of a Simple Will

MODEL DRAFT OF SIMPLE WILL LAST WILL AND TESTAMENT OF ________________________ I, _____________________, aged about ___ years, resident of __________ _______________________________________________________________ do hereby declare that this is my Last Will and Testament. Prior to execution of this Will, I have not made any Will or Codicil and if there be any such Will or Codicil, I hereby revoke the same and...

Tax Planning via Will

Your Will Can Be Strategically Designed To Reap Valuable Tax Savings For Your Family            Through execution of a Will, a person can ensure that useful tax planning benefits are availed of by his legal heirs after his death. It is common to see a testator wishing to distribute his properties amongst close members of his family. Planning Tax-friendly Distribution of Properties                   When a father...

How Important is Your Will?

Remember That Executing Your Will Is Very Simple But Its Absence Can Create A Host Of Difficulties!          The importance of executing a ‘Will’ has yet not been appreciated to its fullest extent in the Indian society. It is, therefore, not surprising to come across several cases where in pursuance to the death of an individual, there are several family disputes and practical problems in the absence of the Will by...

Inherit Today, Sell Tomorrow, Still Keep Away Tax Sorrow!

ITAT Special Bench Grants Unique Tax Shelter For Capital Gains On Gifted & Inherited Assets! If your grandfather had acquired a plot of land for Rs.10 lakhs in late 1981, which you receive by way of inheritance on his death now in 2009 and you are planning to sell the same in early 2010 for a consideration of Rs.63 lakhs, what would be the income-tax you would be required to pay on your capital gains? Difficult...

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