Prize bonds/money in hand how to handle in succession.

S Y (Querist) 29 October 2014 This query is : Resolved
With Respect.
I have just one small question. My question relates with Succession Act 1925.

case: There is a case in which Father died and left property intestate and leaving two sons as legal heirs.
Property includes
* Prize bonds
* House
* Car

I have no problem with House and car and relating law .
All i want to know how to handle Prize bonds and kindly provide any case law whether Indian or any.
Thanks (and pardon me on any mistake )

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Devajyoti Barman (Expert) 30 October 2014
What is the problem with prize bonds?

P. Venu (Expert) 30 October 2014
Please furnish the particulars of the prize bonds.

V R SHROFF (Expert) 30 October 2014
You will be asked to produce Indemnity Bond
NO from other heirs to get it.
, if no nomination.

S Y (Querist) 30 October 2014
I am sorry I think question was blurry .

allow me to explain case is .where father died and haven't made any will. so there is dispute between his heirs now (2 sons).
he(father deceased) left one banglo 5 kanals, one car and prize bonds worth 80 Lakhs.

kindly guide me to section which deals with prize bonds or money in this act.
In addition
Q: will prize bonds consider as cash in hand?
and please provide some judgments in this regards .

ajay sethi (Expert) 30 October 2014
what do you mean by prize bonds ? we dont provide judgements

Rajendra K Goyal (Expert) 30 October 2014
Prize bond is movable property, to be distributed like other movable or immovable property.

If nomination exist in the prize bonds, nominee is the trustee of all the legal heirs.

Guest (Expert) 30 October 2014
Is it encashable on some future date?

S Y (Querist) 30 October 2014
Prize bonds are encashable at any time here.

And sorry I didn't know that Referring judgment is not allowed .(my bad)

Guest (Expert) 30 October 2014
Encash the bonds and distribute the same amongst the heirs as prescribed in the HSA, if the heirs are Hindus.

S Y (Querist) 31 October 2014
Thanks alln

T. Kalaiselvan, Advocate (Expert) 02 November 2014
The same succession act applies to this type of movable property too. So, hope your query is cleared.

S Y (Querist) 02 November 2014
Yeah it is clear . Thank you .

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