IT liabilities
2 months ago
I am about to receive death insurance benefits of my son who recently passed away. He was married and his wife is nominee. She will pass on me the benifits. I am 64 years fully dependent father of my son. Legally how much I am eligible in the death settlement proceeds which is 2 crores. I have zero income for my livelihood. Now I have to exist balance of my life alone as my daughter in law staying with her parents. How much tax I need to pay once I receive my share
A.Dear Client,
Nomination serves as a provision allowing the nominee to claim assets as a 'custodian' upon the depositor's demise. The Insurance Laws (Amendment) Act of 2015 designates immediate family members (spouse, children, or parents) as beneficial nominees, granting them the right to receive the claim amount, prioritizing them over other legal heirs. According to the Hindu Succession Act of 1956, legal heirs of a deceased Hindu male, such as a wife and other successors categorized as Class I heirs, are entitled to the death benefit. In the absence of Class I heirs, the father, classified as a Class-II heir under Sec. 8 of the Hindu Succession Act, 1956, can claim a share of the death benefit of his deceased son.
If a dispute arises with the daughter-in-law regarding the claim, as a senior citizen dependent on the deceased son, the father can exercise legal rights by seeking maintenance under Sec. 125 Cr. PC before the relevant Magistrate. Alternatively, under Sec. 5 of the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, the father can pursue a claim before the Maintenance Tribunal presided over by the SDM/ADM and DM. This process is less expensive and does not involve legal representation.
Nomination serves as a provision allowing the nominee to claim assets as a 'custodian' upon the depositor's demise. The Insurance Laws (Amendment) Act of 2015 designates immediate family members (spouse, children, or parents) as beneficial nominees, granting them the right to receive the claim amount, prioritizing them over other legal heirs. According to the Hindu Succession Act of 1956, legal heirs of a deceased Hindu male, such as a wife and other successors categorized as Class I heirs, are entitled to the death benefit. In the absence of Class I heirs, the father, classified as a Class-II heir under Sec. 8 of the Hindu Succession Act, 1956, can claim a share of the death benefit of his deceased son.
If a dispute arises with the daughter-in-law regarding the claim, as a senior citizen dependent on the deceased son, the father can exercise legal rights by seeking maintenance under Sec. 125 Cr. PC before the relevant Magistrate. Alternatively, under Sec. 5 of the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, the father can pursue a claim before the Maintenance Tribunal presided over by the SDM/ADM and DM. This process is less expensive and does not involve legal representation.
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A.Dear Client,
Nomination is only a clause that allows the nominee to claim assets as ‘custodian’ on the deposit owner's death. Under the Insurance Laws (Amendment) Act of 2015, immediate family members such as spouse, children, or parents are entitled to receive the claim amount as a beneficial nominee. It means they have the right to claim the death benefit over any other legal heir. The Hindu Succession Act of 1956 states that the legal heirs of the deceased husband or any Hindu male include a wife and other legal successors who are Class I heirs. Typically, the father belongs to Class-II heirs under Sec. 8 of the Hindu Succession Act, 1956 and can claim the share of the death benefit of his deceased son if there are no other claimants under Class I heirs. Being a Sr. Citizen and wholly dependent on your deceased son, if your claim is disputed by your daughter-in-law, then you can exercise your legal rights claiming maintenance under Sec.125 Cr. PC before the Magistrate concerned and under Sec.5 of the Maintenance and Welfare of Parents and Sr. Citizens Act, 2007 before the Maintenance Tribunal presided over by the SDM/ADM and DM concerned where no Advocate is allowed and less expensive.
Nomination is only a clause that allows the nominee to claim assets as ‘custodian’ on the deposit owner's death. Under the Insurance Laws (Amendment) Act of 2015, immediate family members such as spouse, children, or parents are entitled to receive the claim amount as a beneficial nominee. It means they have the right to claim the death benefit over any other legal heir. The Hindu Succession Act of 1956 states that the legal heirs of the deceased husband or any Hindu male include a wife and other legal successors who are Class I heirs. Typically, the father belongs to Class-II heirs under Sec. 8 of the Hindu Succession Act, 1956 and can claim the share of the death benefit of his deceased son if there are no other claimants under Class I heirs. Being a Sr. Citizen and wholly dependent on your deceased son, if your claim is disputed by your daughter-in-law, then you can exercise your legal rights claiming maintenance under Sec.125 Cr. PC before the Magistrate concerned and under Sec.5 of the Maintenance and Welfare of Parents and Sr. Citizens Act, 2007 before the Maintenance Tribunal presided over by the SDM/ADM and DM concerned where no Advocate is allowed and less expensive.
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