Will

Dear Client,

As a Non-Resident Indian (NRI) or Overseas Citizen of India (OCI), you have the flexibility to create a Will either in India or abroad, encompassing various assets like properties, bank balances, shares, and personal belongings. Indian laws applicable to such Wills include The Indian Succession Act, 1925, relevant state-specific Registration Acts, and the Foreign Exchange Management Act, 1999 (FEMA). There are no restrictions on bequeathing property to any Indian resident of your choice. However, if the intended recipient is your NRI or OCI child, FEMA regulations allow this if you acquired the property under the foreign exchange laws during your ownership. If the property was acquired during your time as an Indian resident, no FEMA restrictions apply when bequeathing it to any of your children.

Dear Client,
As a Non-Resident Indian (NRI) or Overseas Citizen of India (OCI), you can create a Will either in India or overseas. You can create a Will for different assets such as immovable properties and movable properties, bank account balances, shares, mutual funds, bonds, other financial instruments, vehicles, jewelry and any other personal belongings or valuables. The laws governing a Wil in India for an NRI/OCI include The Indian Succession Act, 1925; The Registration Act, as applicable to the Indian state where the property is located or where the Will is made and the Foreign Exchange Management Act, 1999 (FEMA). There are no restrictions for bequeathing the property to anybody as per your wish who is a resident of India. However, as per the prevailing FEMA regulations, if you want to bequeath the property to your child, who is also an NRI or OCI, you can do so, provided that you acquired the property by the foreign exchange law in force at the time of your acquisition#. If the property was acquired when you were an Indian resident (and not an NRI), then there are no restrictions under FEMA for bequeathing the property to either of your children.