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anshumanheart (student)     25 May 2013

Succession fee

i am from (up)my father died last month who retired 1.5 year before he was having a salary accounts with no nomination in it which had a holding of app 10lac 60 thousand now the bank requires a succession certificate to transfer the shares in the demat account of my mother(only legal hier)

i just want to know what are the charges incurred in this process(court fees,stamp dutyetc).



Learning

 2 Replies

adv. rajeev ( rajoo ) (practicing advocate)     25 May 2013

refer the state court feee and stamp act.  Every state has got itz own court fee and stamp act.

Rajendra K Goyal (Advocate)     25 May 2013

As per the extant RBI guidelines, the requirement of insisting on succession certificate from the legal heirs of the deceased constituents has been withdrawn irrespective of amount involved. If the amount of Rs.10,60,000/- is held in the account of your father you may approach the Bank to release the amount in favour of all the legal heirs as per guidelines. If all other legal heirs are ready to relinquish their right the same can be released in favour of your mother. You have to submit acceptable affidavit, Indemnity, relinquishing letter application etc. This method is much cheaper and fast. Similar procedure can be adopted in case of shares subject to the satisfaction of the company.

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