Saptarshi Paul (Advocate) 17 October 2019

transfer of moveable property

Dear Expert please suggest, after the demised of Father, the moveable property like bank deposits etc going to share by brother and sisters. It is now decided to enter into an memorandum of understanding wherein the amount of money received by each will be mentioned. Now, whether the this MOU is required registration as its just transfer of moveable properties.

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G.L.N. Prasad (Retired employee.) 18 October 2019

It is a settlement deed. In case of bank deposits you can entrust the work to a local legal heir through a GPA, and he may after claim is settled may credit the amount or make demand drafts in the name of all shareholders as per family agreement. The first call on the bank, obtain prescribed claim settlement paper (Depending on the religion, the gender of deceased) contribute signatures and submit filled forms to the bank.