My brother is unmarried and passed away without a will. He has a lot of property(in the form of shares, fd's etc). I am the SOLE nominee of all those shares and deposits. Since all the property will be distributed among all legal heirs my another brother is demanding I open a joint account for the transfer of all the amount. But if I do that he will not inform me anything about all the amount received and since I will be answerable to Income tax(if situation arises)I want to open a single account and deal with the nominations. But he is not agreeing to that. What I should I do now? Is opening a joint account necessary when I am the sole nominee?
A.Hi,
the nominee has the right over the money/ property. it is truly your wish to decide what you want to do with that amount.
Since you are the sole nominee and income tax payer, you can make an agreement with him where he shall duly sign the documents after consenting to it, and if he makes any default, he shall be liable for the default.
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A.Hi,
since you are the nominee, the amount belongs to you and you can decide what to do with the amount.
Since you want to divide the amount among your brother and you too, you can enter into a contract with him where he shall consent on the clauses.
In case he does any default regarding the tax payable amount, you can file a case against him as well.
please give a 5 Star rating, if you liked my response.
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Dear Sir,
Yes, the mutation will be taken place as jointly in respect of your respective wives. You have to produce certified copies of both the Gift Deeds.
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