Monthly Archives: July 2014

Procurement of Succession Certificate for Heirs When Person Die Without Will

Succession Certificate

A Succession Certificate is a document that is granted by a Civil Court to the Legal Heirs of a Deceased Person who dies Without Leaving a Will. It is granted by the court to realise the debts and securities of the deceased. It establishes the authenticity of the heirs and gives them the authority to have securities and other assets transferred in Their Names as well as Inherit Debts.  It is issued as per the applicable laws of inheritance on an application made by a beneficiary to a court of Competent Jurisdiction. A Succession Certificate is necessary, but not always sufficient, to release the assets of the deceased. For these, a Death Certificate, Letter of Administration and No-objection Certificates will be needed.

Application

A petition needs to be filed with the District Court or High Court within whose jurisdiction the asset is located.The name and relationship of the petitioner, names of all heirs of the deceased, details about the time, date and place of death should be mentioned in the application. A copy of the death certificate has to be produced. 

The Application is to be made in the Court where the Properties of Deceased relative are situated or where he / she normally resided. Depending on the value of the estate of the deceased the matter shall go to the type of Court which can conduct cases for that value [This is known as ‘pecuniary jurisdiction’ of the court]. You have to apply to the court with the names of all other heirs of your late relative as the respondents in the matter. A Newspaper Notice is also issued apart from mandatory notice to the respondents. Upon the expiry of the time period of 45 days from the date of publication of the notice after the respondents have given their no objection, the court passes the orders for issuance of the Succession Certificate in heirs name, for which heirs have to then submit Judicial Stamp papers of sufficient amount (as per the prescribed court fees structure) in the court, where after the Certificate is typed by the court staff, duly signed and sealed and delivered.

Fees

The Court Levies a Fixed Percentage of the Value of the Estate as Fee for Issuance of the Succession Certificate.

The whole process take around Six to Seven Months.

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Builders Pay Taxes Till Property is Transferred to Society-Mumbai Suburban District Consumer Forum

 

 

A builder or developer is liable to pay taxes such as property taxes until they transfer the entire property to co-operative housing society said the Mumbai suburban district consumer forum yesterday. A division of bench MY Mankar and SR Sanap said, as per the Maharashtra Ownership Flats Act 1963 which states that the Builder or Developer must clear Municipal Taxes, Property Tax and Water Charges among other until they Transfer the Entire Property to Flat Purchasers or the Co-operative Housing Society.

Successfully Completion of One Year

Today i.e. 24th July 2014 we complete One successful year from the date of launch of this Indialegalaid project site. This site gets lot of response not only from India but also from USA, UK, Germany, China, France & various asian countries. Thanks a lot for giving such tremendous response. We are promise that we should provie reasonable & adequate legal updates to all.

As the reader are prudent therefore we are glad to say that because of your support we reach on that point.

As the Justice is the ultimate Interest of Judgement similarly we also try to give justice to all form of legal aid in the society. 

Thanks a lot again from Indialegalaid team.

Wish you happy, healthy & successful life.

Be prudent, Be pure, Be sure & Be true,

Recommendations of Law Commission of INDIA

The Law Commission of India recently submitted a report on “Manpower Planning in Judiciary: A Blue print” to Mr. Ravi Shankar Prasad, Minister of Law & Justice and Communications & IT.

The Report provides the following recommendations :- 

  1. It provides for the focus to shift on the Recruitment of New Judges, in order to dispose off the backlog of cases within 3 years.
  2. The age of the Subordinate judges to be raised to 62.
  3. Special morning and evening Courts be set up for dealing with Traffic/ Police Challan cases. Such constitute 38.7% of the institutions and 37.4% of all pending cases in the last three years before the Subordinate Judicial Services.
  4. Recent Law Graduates may be appointed for short durations, e.g. 3 years, to preside over these special traffic Courts.
  5.  Adequate provisions are suggested to be made for Staff and Infrastructure required for the working of additional Courts.
  6.  High Courts be directed to evolve Uniform Data Collection and Data Management Methods in order to Warrant Transparency and to aid data based policy prescriptions for the judicial system.

Taxation for Individual as per Union Budget 2014-15

Raising Income tax exemption limit

Though the slab of tax free income has not moved up in line with real inflation, FM’s announcement on taxation has brought some sort of relief to the individual tax payers as it will increase the purchasing power of individuals and stimulate demand. 

The General Budget 2014-15 presented by the Union Finance Minister has raised the personal income-tax exemption limit by Rs 50,000/- that is, from Rs 2 lakh to Rs 2.5 lakh in the case of individual taxpayers, below the age of 60 years.

Exemption limit raised from Rs 2.5 lakh to Rs 3 lakh in the case of Senior Citizens. However there is no change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc. 

Raising tax exemption under 80C

Investment limit under Section 80C of the Income-Tax Act has also been raised from Rs 1 lakh to Rs 1.5 lakh which will encourage savings to some extent.

Public Provident Fund (PPF)

In further relief to the depositors, the Finance Minister has raised Public Provident Fund (PPF) deposit limit to Rs 1.5 lakh per annum. This was earlier pegged at Rs 1 lakh.

Union Budget of Indian Government 2014-15

Kindly go through the link which explain the Key Features of Union Budget 2014-15

http://indiabudget.nic.in/ub2014-15/bh/bh1.pdf

 

 

Maximum Number of Directorships under Companies Act, 2013

As per Section 165 of the Companies Act, 2013, No person after commencement of this Act, shall hold office as a Director, including any alternate directorship, in more than 20 Companies at the same time. As further a Person become Director in maximum 10 Public Companies.

A company passing Special Resolution at its General Meeting for reducing the limit of directorships of its Directors.

Transitional Period is One year for all Compliance Requirements.

If any default then punishable with Fine shall not less than INR 5000/- extend INR 25000/- for every day.

Director have to give Resignation through FORM NO. DIR. 11. Notice send to Registrar for the resignation of the Director.