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Discussion > Business Law > Stocks & Securities > Legal heirs for the transfer of shares of the deceased   Unanswered Threads Post New Topic

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There are 17 Replies to this message


S.K. Sachdeva


EXECUTIVE ENGINEER
[ Scorecard : 42]
Posted On 09 October 2011 at 11:19 Report Abuse

My brother in law expired, 53 years in June, 2011.

He is left with his wife, one son (became adult in July, 2011 i.e. after death), one daughter (21 years).

He has 3 elder brothers. Father, 96 years is alive.

He and his wife had seperate Demat accounts in a bank (Same bank).

The present value in each account is more than 8 lacs.

Pl. intimate who is the legal heir.

Is it only his wife

or wife, son and father.

Or the brothers have any right.

Pl. intimate the formalities.



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sudalaimuthu,


Advocate and Tax Consultant,sudalaipearls@rediffmail.com
[ Scorecard : 117]
Posted On 09 October 2011 at 13:37 Report Abuse

hi,

    first of all, in the demat account maintained by the deceased had nominee name. it may be wife/son / any other else. the amount in the demat account will go by that.  generally ,  ithe legal heirs for the deceased are wife , son, daughter, mother, father. 



Total thanks : 1 times


Natarajan M


Advocate
[ Scorecard : 57]
Posted On 09 October 2011 at 16:28 Report Abuse

The wife, son and daughter are the legal heirs of the deceased.  Brothers are not come under the purview of legal heirs in the presence of First Class Heirs under tghe Hindu Succession Act.



Total thanks : 1 times


Natarajan M


Advocate
[ Scorecard : 57]
Posted On 09 October 2011 at 16:32 Report Abuse

Mr. Sudalaimuthu has stated that father is also the legal heir of the deceased.  To the best of my knowledge,  he is wrong.  He will not come under the category of First class heir.  If I am wrong, I request Mr. Sudalaimuthu to enlighten me how the father is the legal heir of the deceased husband while his wife and children and mother are alive.



Total thanks : 1 times


Anumita Sarkar


Tax Advisor/Litigator
[ Scorecard : 117]
Posted On 09 October 2011 at 17:49 Report Abuse

i agree with advocate natarajan M. wife and daughter are the two legal heirs.



Total thanks : 1 times


ajay sethi I am Online


lawyer
[ Scorecard : 86202]
Posted On 09 October 2011 at 18:56 Report Abuse

in respect of demat account of shares did your brother in law make any nomination . if he  had made a nomination then nominee will get all the shares in demat account .



S.K. Sachdeva


EXECUTIVE ENGINEER
[ Scorecard : 42]
Posted On 09 October 2011 at 18:58 Report Abuse

In that case, it is very clear that the brothers and the father of the deceased are not the legal heirs.

Thanks.

Pl. help us out in getting the heir/succession certificate.



S.K. Sachdeva


EXECUTIVE ENGINEER
[ Scorecard : 42]
Posted On 09 October 2011 at 19:03 Report Abuse

Unfortunately not ..



ajay sethi I am Online


lawyer
[ Scorecard : 86202]
Posted On 09 October 2011 at 19:12 Report Abuse

if  no nomination then legal heirs will have to obtain succession certificate . where are you located?



ajay sethi I am Online


lawyer
[ Scorecard : 86202]
Posted On 09 October 2011 at 19:15 Report Abuse

 

Where nomination has not been made:
 
On death of the sole holder of the Demat Account, if a nomination has not been made by the deceased holder, the legal heirs or the legal representatives of the deceased can submit the Transmission Form to request transfer of all securities from the Demat Account of the deceased holder to their Demat Account. Legal heirs or the legal representatives can be one or many as determined by the court. Securities can be transferred to an existing Demat Account. Otherwise, they need to open a new Account. Go to Open Demat Account.
 
Legal heirs or the legal representatives are required to submit the following documents

a) A completed Transmission Form

b) A copy of the Death Certificate of the deceased holder duly notarized

c) A copy of the probate or letter of administration duly notarised, where the deceased has left a Will.

d) A copy of Succession Certificate duly notarised or an order of a court of competent jurisdiction, where the deceased has not left Will.
e) Closure request & DIS of the deceased’s account for transfer of shares



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