Family settlement
bvm
(Querist) 03 July 2012
This query is : Resolved
Dear Sirs,
Sub.: Family Settlement
Would appreciate if you kindly clarify on the following points asap.
Sr. Query
1(a) Can HUFs of family members (which along with the family members are shareholders of group companies) be parties to Family Settlement?
1(b) Can HUFs be represented by the Kartas and signing Memorandum of Family Settlement & Compromise thru the Kartas?
2. If the family members & their HUFs hold shares in group companies having business &/or some property, can they realign their respective shareholding in the group companies thru Family settlement?
3. Is there necessity of an immovable property for a Family Settlement realigning the rights of the family members?
4 What will be the amount of stamp duty for Memorandum of Family Settlement & Compromise?
5 What will be the amount of Registration fees for Memorandum of Family Settlement & Compromise?
Many thanks & best regards,
BVM
Shonee Kapoor
(Expert) 04 July 2012
1. Yes, it is the wishes of the parties.
2. Yes, but the same need to be registered and share transfer need to take place with the approval of the board.
3. No. There can be family settlement of partial assets
4. That would depend upon the assets and what kind of assets are subject to settlement.
5. It has to be done on Rs. 100/- stamp paper and need to be registered. The fee is nominal, not %age wise.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
