Indian succession act
purushottaman
(Querist) 24 March 2015
This query is : Resolved
The Succession Certificate issued under the Indian Succession ACt, I understand is limited to debts & securities. I am told that Immovable properties are not included?
When the question of court fees arise at the time o filing the petition under Indian Succession ACt, the value of shares/debuntures are only considered. The immovable properties are not listed ? Am I right ? Please clarify?
Devajyoti Barman
(Expert) 24 March 2015
What exactly your query?? We do not reply academic queries.
purushottaman
(Querist) 25 March 2015
my sister lost her husband. He has not assigned nominees or had inserted second names in the investments that he had made in company shares. He has also bought two or three vacant sites in housing areas as investments. He has not left a will.Since she has to go for a succession certificate, the opinion was that apart from the professional fees by the lawyers, the court fees of 3% or 5% percent of the value of the assets have to be remitted. It is here I wanted a clarification whether the immovable properties are taken into consideratin at the time of filing for sucession certificate or only debt and securities covered under the Succewssion CErtificate
Rajendra K Goyal
(Expert) 25 March 2015
Succession certificate is for debts and securities and court fee differs from state to state, consult local lawyer.
ajay sethi
(Expert) 25 March 2015
only debt and securities are covered for succession certificate .
for immovable properties you would need letters of administration since husband died intestate .
purushottaman
(Querist) 25 March 2015
Thaks for your kind replies. Doesit mean we have to file two petitions - one succession CErtificate and the othe for Letter of ADministration ? PLease claarify Thanks PURUSHOTTAMAN
T. Kalaiselvan, Advocate
(Expert) 28 March 2015
The succession certificate will contain the list of successors in interest. The fee applicable will be 3% (in Karnataka and Tamilnadu)to the value of the securities and other movable assets, stamp duty applicable in other states is to be enquired locally. For distribution or disbursement of immovable property, legal heirship certificate issued by the revenue department will also suffice.
purushottaman
(Querist) 28 March 2015
tHANKS FOR THE REPLY.tHE MATTER RELATES TO kARNATAKA. puru
