Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Pooja (Private)     06 November 2014

Legal heir certificate required

Hi,

I am from Mumbai. My father died intestate in 2002. He left behind his wife and me, his only child.

 

He has some equity shares of a company which are currently in physical form. There is no nomination in the shares and he was the sole owner of the shares. The value of the shares is very low currently. Other than these shares, no other asset is left on his name. We have been able to get the rest of his assets transferred to our name as nomination was there in place.

 

I had contacted the company whose shares my father has and they have asked for a Succession certificate or Legal Heir certificate.

 

I read online that Succession certificates usually take about 6 months or so, and hence I do not want to go about making that.

 

Would like to know:

1. How much time does it take to prepare a legal heir certificate?

2. Will 2 legal certificates be required (1 for my mother and 1 for me)? Or, will only 1 be sufficient where both our names are mentioned.

3. What is the cost of making 1 legal heir certificate?


4. What is the procedure for making the certificate? If I need to approach a particular office, then please help me with the location / address of the same.

5. What documents will we need to furnish?

Any response would be appreciated.



Learning

 4 Replies

Adv. Mandar Pimpalkhare (Advocate)     11 November 2014

Madam,

First of all i would like to clear that there is no such limit for getting succession certificate.

1. For succession certificate you need to file a succession case in the civil court having jurisdiction over area of your ordinary residence.  

2. This matter may take at least 3 months period for issue of certificate in the name of beneficiaries.     

3. Succession Certificate can be sought in the name of yourself and your mother jointly.  

4. For succession matters fees are applicable considering the value of assets for which the same is to be issued, however fees are exempted in case of ladies as sole successor of deceased.

5.  The document needed for filing a case are copy of Share Certificates, Address proof, ID proofs, etc. 

You may contact Advocate in your city for the details and filing of the said matter.

Unless you take succession certificate you can not get the proceeds of the shares purchased by your father out of his hard earned money.

 

Adv. Mandar Pimpalkhare (Advocate)     11 November 2014

Madam you will also need true copy of Death certificate of your father along with other documents discussed in earlier post.

Pooja (Private)     11 November 2014

Hello Mr. Mandar,

First of all thank you for replying to my question. I have a couple of follow up questions for you:

 

1. The details you have provided above are for succession certificate. Whereas I was asking about the legal heir certificate. These are 2 separate certificates, i believe. Am I right? Please let me know the difference between these certificates. Which one is less costlier to make?

 

2. The total value of the shares is less than Rs. 500 in the current  market value. So what will be the cost of making the succession certificate / legal certificate in this case? Also can you reconfirm that the court fees will be waived off in case the successors are ladies?

3. Do you practice in Mumbai? If yes, can you please share your details so that I can get in touch with you to discuss about this.

 

Thanks

Pooja

Adv. Mandar Pimpalkhare (Advocate)     12 November 2014

Hallo Ms. Pooja

Here is the answers to your follow up questions -

You are correct about concepts of Legal heir ship certificate and  succession certificate, as both are different and issued for different purpose.

1) Legal heir ship certificate is issued by Tehsildar of  your Taluka  concerning your landed properties.

2) Whereas succession certificate is issued for funds in PPF, PF, FD, deposits with banks, posts, shares, debentures, dividend and interest due on it, where nomination is not availed. 

3) As far as fees are concerned current value of shares is less than Rs. 500/- so it does not attract any fees as property value is less than Rs. 1000 and whereas lady successor is applying for such certificate fees are not applicable.  i have conducted one of such case wherein she is exempted from fees being lady successor to deceased. since its couple of years ago if any change in policy is there i will notify it through post.

Whereas in your case company which shares you have, has asked you for succession or legal heirs certificate. it seems concerned officers are also not sure about what is exactly needed.  so my advice to you is go for succession certificate as its fiscal (Monetary) or movable property. Point no. 2 will more clarify your query. 

sorry i am not practicing in mumbai you may contact any local lawyer for the details.

mandar

9970252228


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register