shareholding
sarvesh
(Querist) 23 July 2010
This query is : Resolved
PARTIES
Mr. X- Father - First Holder
Mr. Y- Son - Second Holder
Mrs.Z- wife of Mr X & Mother of Mr Y - Nominee
FACTS
These shares were purchased 30 Years Back by Mr X out of his own funds in the joint names of Mr X & Mr Y. Presently these shares are being declared under wealth tax by Mr X & dividend thereon is being credited & received into Mr X’ account and dividend income is being declared in the name of Mr X only. Nothing has been declared into the name of Mr Y. Besides, BOTH the shareholders have executed nomination in favor of Mrs Z.
QUERY
1. Is the present position of declaring everything in the name of Mr X Correct?
2. Who will be owner of these shares Mr X or Mr Y or Both?
3. In case of death of Mr X who will become owner of these shares, Mr Y as being second Holder or Mrx Z as being nominee by BOTH the holders & wife of Mr X or BOTH Y & Z?
4. If Mr X executes a will, what will be the legal impact of this will upon rights of Mr Y & Mrs Z.
s.subramanian
(Expert) 23 July 2010
both x and y are owners.on the death of x his half share will be suceeded to by his nominee z .if x executed will ignoring nomination,the will alone will prevail since nomination is also like a will. a will can be altered during the life time of the testator by him for any number of times.
Chanchal Nag Chowdhury
(Expert) 24 July 2010
1.Yes.
2.Mr. X but Co. will treat both as owners.
3.Both.
4.Valid-Subject to proof.
