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Queries Participated

Awni Ranjan   26 December 2020 at 20:17

Foreign lotteries

Is it legal for a resident Indian to purchase foreign lotteries , e.g. American Lotto

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Awni Ranjan   25 December 2020 at 19:38

Nomination

This is a real case.
Mr X ( a grandfather ) died at the age of 88 and before death had made specific will for distribution of movable and immovable property.

He also had stocks and shares of several companies worth rupees two crores approximately at the time of his death.
During his lifetime itself he had made specific nominations in the favour of his grandson and the nominations were duly confirmed by the respective companies. And were in the full knowledge of the grandson and other legal heirs.

BUT he had NOT made any will for this financial asset in any manner whatsoever.

AFTER HIS ( Mr. X ) DEATH HIS GRANDSON INFORMED THE COMPANIES ABOUT THE DEATH OF Mr.X.

Based on the already registered nominations the companies opened another account in the name of grandson and transferred all the stocks and shares.

EVERYTHING WAS OKAY AND THERE WAS NO CLAIMANT WHATSOEVER.

ISSUE:
The grandson sold shares worth forty lacs out of the two crore.
MY questions are as below:
(1) Whether the grandson is liable to capital gains tax
(2) If yes, then what will be the (a) acquisition and or purchase value
(3) Whether the acquisition value will be the same as that which was purchased by Mr.X ( grandfather )
(4) Whether the acquisition value will be "ZERO "
(5) Whether the acquisition value will be the market value of the the socks and shares on the date of death of the grandfather

Please also take into account any supreme court judgement involving NOMINATION AS A TRUSTEE , if any
HOPE, I am able to make the whole issue abundantly clear

KINDLY give opinion

Thanks
Awni Ranjan


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Awni Ranjan   14 December 2020 at 18:52

Formation of a housing society in rajasthan

I understand that in Rajasthan the minimum quorum for AGM of a society is two thirds of total number of apartments / flats this sounds bizarre because these days there are many multi-storied / multi-towered building that have more than thousands of apartments / flats.

And it is practically not possible to ensure presence of 2/3 members , e.g. 667 members in a new housing society of 1000 members

I understand that in Maharashtra and Delhi the minimum quorum is 2/3 of total membership or 20 whichever is MINIMUM , and this sounds logical and practical

ISSUE : (1) WHAT is the legality resolutions passed by 2/3 members or 20 members in Rajasthan
(2) can a housing society overrule this part of the Rajasthan Act

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Awni Ranjan   20 June 2011 at 15:19

Loss of Pay

(1) Whether an employer can unilaterally take a decision to treat an employee on loss of pay.
(2) Does law require such communications from the employer should be under acknowledgement from the employee
(3)Does loss of pay means break in service and does law require an employer to give notice to the employee to that affect

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Anonymous   14 October 2010 at 10:54

Is there any turn over tax for buying and selling of shares through Stock Exchange

Please clarify, the limit as well if any for turn over

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Anonymous   14 October 2010 at 06:43

How to identify a village land

I understand that village land is still identified on the basis of "khasra" numbers. Normally, these numbers are never displayed on a village land. The Village Patwari holds all the records and authentic land marks. Is it necessary to go throguh Village Patwari only, any other alternatives

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Anonymous   14 October 2010 at 06:37

Stock Market Business : Buying ans Selling

Please advise rates and types of taxes applicable in this type of stand alone activity by an individual for himself. Also advise the income tax form number to be filed to the ITDept.

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Anonymous   11 October 2010 at 20:51

UNREGISTERED WILL

My father wrote a WILL on 31.08.2004 which is witnessed by two persons, but it was neither notarized nor has been probated till date. It is on plane paper. My father died on 07.01.2007.

One of the clause of the WILL reads as under

Quote

Twenty Bighas of agricultural land situated in Village "D", Tehsil"N", Distt."J" which was gifted to me by the then Tahkur Saheb of "D" Thikana long time back. Since it is difficult to cultivate the land sitting at "J", I have already requested my elder son"M",Advocate to arrange to sell the same.
My elder son shall sell my agricultural land on the best available market price as may be available and younger son shall extend co-operation as required by my elder son. ON receipt of the price of the sale of this agricultural land, the elder son shall divide the amount in two parts which are equal. From one half part of the price money five equal shares shall be made. I have five daughters. One share each of the five shares shall go to each of the five daughters.
Out of the second half, four equal divisions shall be made. Each one share shall go to my grand children "K", "M", "S" and "N".
Provide further that the distribution of the sale price of my agricultural land as mentioned above shall be made in terms of this will within one month of the receipt of the sale money from the purchaser.

Unquote

The queries are as under
(1)I only have a photocopy of the Will
(2)Is this will a legal document.
(3)Is there any time limit to get a will probated.
(4)My elder brother "M" in his capacity as executor of the will has not taken any steps and more than 5 years time already passed.
(5)Do I have right to get it enforced through a court of law, without getting it probated with or without involvement of my other sisters.
(3)Is it a gone case and I should forget it.

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Anonymous   11 October 2010 at 19:27

Disclaimer Clause

Is it advisable to display a disclaimer clause in a blog which covers financial, social, political and cultural matters.
If yes, please suggest a good format.

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