How to make a will when children are overseas citizens
Querist :
Anonymous
(Querist) 23 October 2009
This query is : Resolved
SUB : How to make a will in India , especially when one's children are living abroad as NRI / citizens ?
Dear Sir ,
How to make a will in India , especially when one's children are living abroad as overseas citizens ? In the present case , regarding making a will , division/distribution of property is not important but the transfer of property ( movable & immovable ) is important as the beneficiaries have become citizens of other countries . Can they get the assets transferred in their respective names in India , sell and then transfer the proceeds to their country of residence legally ? What will be the procedure , considering minimum payment of taxes , if any in India ? Thanks in anticipation .
PP
A V Vishal
(Expert) 23 October 2009
Describe the nature of the assets, immovable property other than Agricultural lands can be transferred to NRI/citizens/PIO descendants.
Querist :
Anonymous
(Querist) 23 October 2009
The immovable property is a house in a city . Thanks for your reply .
Querist :
Anonymous
(Querist) 23 October 2009
Can an overseas citizen own immovable property in India ? In the present case the focus is on owning/transferring proceeds to overseas citizen ( not NRI ) . Thanks
Khaleel Ahmed
(Expert) 23 October 2009
You are advised hereby to consult your local lawyer he will complete all your requirement.
Sachin Bhatia
(Expert) 23 October 2009
Your children are living abroad as NRI are entitled to apply & get either Person of Indian Origin (PIO) card or the Overseas Citizen of India (OCI) card.
Under these schemes your children get reasonable benefits out of which they can own or buy immovable property in their name in India.
joyce
(Expert) 23 October 2009
Vishal and sachin's opinion i adopt.
Querist :
Anonymous
(Querist) 23 October 2009
Thanks for your reply .
Raj Kumar Makkad
(Expert) 23 October 2009
There is no hurdle for will registration in the given circumstances. Your foreign national children can get the movable as well as immovable properties in India.
Querist :
Anonymous
(Querist) 23 October 2009
Mr Makkad - Please let me know if notarised WILL is okay or it has to be registered only . The registration cost will be very high , I think .
Thanks in anticipation .
Sachin Bhatia
(Expert) 23 October 2009
Better to get it registered in local SR office. No the registration cost of will is very low.
A V Vishal
(Expert) 23 October 2009
Under law, there is no legal requirement to get a deed registered, just in case you want to make sure there are no disputes after you death you can register, however note that you can have codicils after having the deed registered, so you need to register them too avoid disputes. A notarized will is as good as an unregistered will in my opinion.
Raj Kumar Makkad
(Expert) 23 October 2009
Though notarized and registered will both have same value in theory but in actual and practical field, the registered will is attached good reliance compared to notarized so I suggest to get it registered, if u want and there is only marginal stamp duty payable vix. in Haryana it is only Rs. 100/-.
G. ARAVINTHAN
(Expert) 23 October 2009
can write a will even if the beneficiaries are out of the Country
Querist :
Anonymous
(Querist) 24 October 2009
Firstly I thank you all for your replies . In the present case , regarding making a will , division of property is not important but the transfer of property ( movable & immovable ) is important as the beneficiaries have become citizens of other countries . Can they get the assets transferred in their respective names in India , sell and then transfer the proceeds to their country of residence legally ? What will be the procedure , considering minimum payment of taxes , if any in India ? Thanks in anticipation .
