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

Raveesh   05 July 2021

Capital gain withdrawal

What's the difference between Surviving Member Certificate and Legal Heir.

I want to withdraw money from my Father's Capital Gain Account.

I already have Surviving Member Certificate and I'm the Nominee in his Capital Gain SAVINGS ACCOUNT.

Is it enough before approaching the Income Tax Accessing Officer or should I apply for more documents ?

Kindly guide us on this matter.


Learning

 1 Replies

Anusha Singh   22 October 2021

As per your query it is understood that you need information about legal heir certificate, surviving member certificate and capital gains account.

Surviving Member Certificate is a tool to get declaration from the concerned authorities as to the fact that who are the persons living behind the deceased one, who can succeed the intestate property of the deceased as per the rules of inheritance, but it neither decides the title of any property nor adjudicates the fact that who will be the successor. It merely limits the number of surviving members amongst whom the successor will be decided afterwards by the civil court concerned. On the other hand, Legal Heir Certificate is a certificate by which the civil court concerned adjudicates the fact that who will be the successor of the deceased. In brief, Surviving Member Certificate is the first step to obtain the Legal Heir Certificate.

Nomination in capital gains account to inherit the account upon depositor’s death can be made by submitting Form E and change of nominee can be made by submitting Form F.

Nomination up to 3 persons is allowed and amount, if any to be received by nominees, will be in their order of nomination. No nomination is allowed for accounts opened on behalf of minor, HUF, AOP, BOI or firm. However, the nominee can be a minor and depositor can appoint a person to receive the amount in case of his death and during the minority of the nominee.

Hope it helps!

 

Regards,

Anusha Singh


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register