Apni Law Staff asked 2 years ago
My mother owned a successful business in Mumbai, and I was actively involved from 1993 onwards. Unfortunately, my brother struggled with alcohol addiction, leading to his removal from the business before March 2010. My sister and I were partners with her. After her passing in July 2010, I inherited 25% of her share in the business, which was distributed amongst my sister, myself, and my brother. We also divided her assets, including cash, fixed deposits, and a flat she gifted me in 2008. The fixed deposits were initially joint accounts, but I transferred them into my name. Could you please clarify the legal implications of these arrangements?
Best Answer
Apni Law Staff answered 2 years ago
Under Indian law, the distribution of your mother’s assets, including her business share, would be governed by her Will or, if no Will exists, by the laws of intestacy. Your mother gifting you the flat in 2008 would likely be considered a valid transfer of ownership. The transfer of the fixed deposits into your name needs to be examined in detail to determine its legality and potential implications based on the original joint account agreement and any subsequent changes.
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