Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
One of the most common issues faced by family members in the event of death of the actual owner of a property or assets is the distribution of the same, especially in the absence of a will. That’s when the Indian succession laws act as a guiding force because the laws are drafted with the objective of facilitating the transfer of property and other assets of a deceased to the right person so as to ensure that the same are not misused after their demise. However, most of people are unable to avail the benefits entailed in the laws due to a lack of awareness in respect of these laws.
The present article shall focus on an overview of succession certificates which shall include the laws of intestacy in various religions and how the succession certificate is different from a will and legal heir certificate to provide better clarity about its concept.
Table of Contents
As per the Indian Succession Act 1925
, if after the death of the person, there is an absence of any will to provide the information about the distribution of the property, the property must be distributed as per the laws of intestacy, which necessitates the requirement of a succession certificate.
It is important to have a thorough knowledge of the laws of Intestacy in various religions so as to decide the person who would be required to obtain the succession certificate.
For Hindus (including Jains, Buddhists, and Sikhs), the Hindu Succession Act, 1956, and Hindu Succession (Amendment) Act, 2005 shall apply.
If a male dies intestate, his property is distributed in the following manner.
The devolution of a Hindu Female is done in the bellow mentioned manner
The property of the Indian Christians shall be divided as per the rules of Chapter II of the Act of the Indian Succession Act.
The difference between the three terms is enumerated in a tabular form below –
It is essential to understand the meaning and concept of a succession certificate along with its difference with other documents of similar nature before applying for the same. The next article shall discuss about the detailed procedure of Issue of Succession Certificate.
Read Our Article: Process of Transmission of Shares without Succession Certificate
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
On 1st March 2024, the IRDAI came up with a notification via F. No. IRDAI/Reg/5/199/2024 for Bi...
Are you human?: 3 + 1 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Criminal cases occur when a person is convicted for committing a crime, which is considered as an offense as per th...
17 Jun, 2019
Through a Legal heir certificate in Himachal Pradesh, an heir is successful in receiving the assets or belongings o...
30 Mar, 2024
Chat on Whatsapp
Hey I'm Suman. Let's Talk!