ESTATE PLANNING�CHAPTER -2�INDIA
The Hindu Succession �Act, 1956
The Hindu Succession �Act, 1956
Full-blood relations are preferred over half-blood relations
Full-blood relations are preferred over half-blood relations
Full Blood Relation
Half Blood Relation
Uterine blood
Why to Know
Right of a child in womb
Order of distribution of shares amongst Class I and Class II heirs
Order of distribution of shares amongst Class I and Class II heirs
If there are no Class I heirs, the property will devolve upon Class II heirs.
Class II heirs
Important : Class II heirs will inherit according to their position as specified by the entries of the schedule. Class II is also divided into nine sub-sections or entries, each containing several groups of heirs.
For example, the heirs specified in Entry I of Class II will be preferred over those in Entry II
Class-2 Heirs�In Every Entry Money are Equally Divided
Order of succession among ‘agnates’ and ‘cognates’
Order of succession among ‘agnates’ and ‘cognates
Descendants all be preferred over ascendants who in turn shall be preferred over collaterals.
Father’s brother’s son
Ascendent agnates are always preferred from descendent aganates
Order of succession among ‘agnates’ and ‘cognates
Hindu Undivided Family
Who can be members
Wife
Children
Children wives and their children
Female members can only be members not a co-parcener however unmarried daughter can be co-parcener also ( but now its changed)
Senior most male member will be called Karta (Manager) and typical HUF consists of Karta, his sons, unmarried daughters,grandsons,great grandsons,their wives
Difference between co-parcener and members
Types of Property under Uncodified Hindu Law�
HUF
Nature of Interest:
HUF
Partition of HUF
Alienation by Gift
Self-acquired property can be freely gifted. A right or undivided interest in ancestral property cannot be gifted by a coparcener
Alienation by Will
Allotment of shares in coparcenary property to Hindu females
The Hindu Succession (Amendment) Act, 2005 (2005 Amendment) brought about a revolutionary change to Hindu family law
The Muslim Personal Law (Shariat) Application Act, 1937 (Sharia Act)
Muslim personal law (shariat) is to apply to all cases where the parties are Muslim.”
Primary Sources of Muslim Law in India�
Quran�Sunnah�Ijma�Qiyas
Bequest of property by will (Wasiyatnama)
Bequest of property by will (Wasiyatnama)
Muslim Succession
Manner of abatement of legacy in case bequest exceeds one-third without consent of heirs
Manner of abatement of legacy in case bequest exceeds one-third without consent of heirs
Bequest of property to an heir causing the testator's death�