That’s where a conditional will—one that lets you define how, when and under what circumstances your wealth is passed on—can make all the difference. Families are increasingly using such wills to ensure their plans hold firm even when life takes an expected turn. Conditional wills As the same suggests, a conditional or contingent will takes … Read more
The date of acquisition for the property inherited by you from your father will be the date on which your father had purchased the property. The cost and date of acquisition for a capital asset acquired under a will or as a gift, will be the cost and the date for which, and on which, … Read more
I’m in my 50s and looking to draft my Will. I expect to inherit some assets from my parents, which may include their flat and financial holdings, after their passing. Can I include these future assets in my Will now, or will I need to make a new Will after I inherit them? —Name withheld … Read more
MUMBAI : Raj went through a divorce five years ago and is now remarried to Anita (who is also divorced from her husband). Raj has two children from his previous marriage and one from his new marriage. Anita has one child from her previous marriage as well. Raj hasn’t formally adopted the child of Anita’s … Read more
My sister converted to Christianity although my family is Hindu. In the event of my father’s or mother’s demise, how would the succession of assets happen if they did not create a will? —Name withheld on request In the event of the demise of your father or mother without leaving a will, the distribution of … Read more
My father died due to covid two years ago and he didn’t leave behind any will. My mother, who is in her seventies, has clearly mentioned that she doesn’t want to write a will either. A few years back, I bought a flat in Mumbai with my mother as a co-applicant. I have paid regular … Read more
I inherited ₹20 lakh in cash and two house properties. Subsequently, I gifted ₹10 lakh in cash and one house to my maternal aunt residing in South Africa. Do I need to pay income tax on the entire inheritance, or only on the remaining amount after allocating my aunt’s share? Additionally, should I declare this … Read more