removal of intangible assets from India
Querist :
Anonymous
(Querist) 25 April 2011
This query is : Resolved
I have an Indian-born client who is a USA citizen. The couple has assets in India and I have several questions regarding the disposition of these assets. They have a trust set up in the US and I want to know whether the plan of disposition outlined in their trusts would be applicable to property In India. What would be the process in India for the transfer of ownership of the assets at the death of a relative to my clients? What process in India for the transfer of ownership of my clients assets at their deaths? Is there any restriction on the removal of intangible assets from India if received as an inheritance?
Basavaraj
(Expert) 25 April 2011
The assets in India can be disposed off as per the trust provided the same are in conformity with Indian Laws. The assets of the relative can be transferred as per the WILL , if any, left by the relative or in what capacity the person is related to the relative to inherit the assets. At the death of your client the assets can be transferred to the legal heirs or as per WILL or as per Trust depending upon the circumstances. The intangible rights can be transferred in India in accordance with the Transfer of Property Act and that too by a registered document
Querist :
Anonymous
(Querist) 25 April 2011
Dear expert can you provide some Supreme Court judgments on my query.
Thanks Mr.BASAVARAJ for your reply.
