FAQs on Will

FAQs on WILL

By CA Vimal Punmiya

Q.1  What is a Will and the benefits of making one?

Ans: A WILL is a written document in which you provide for:-

  1. the administration of your estate/assets when you die; and
  2. the distribution of your possessions in specific proportions to specific people whom you wish to have a share of your estate/assets;
  3. appoint a person or persons of your choice to administer your estate; and
  4. appoint a guardian or guardians for your infant children (if any).

In other words it a document where you direct, who is to receive your property upon your death. If you have any real property (land) or personal property (cars, jewelry, money) that you want to give to a specific person than you must have a will.

Q.2  Should everybody – working or non-working person, man or woman make a will? and  What if you die without making a Will

Ans: “Where there’s a Will, there’s a way….Where there is no Will, there will probably be family bitterness/family disputes…” If people die without a WILL, then the law will decide to whom the property of the deceased person should go to. Thus, every person whether working or non working , man or women should make a will.

Q.3 When should people make a will? At what age on an average?

Ans: Every adult, no matter what age, should have  a Will. Most preferably a person above the age 50 should have a will. And while making a Will a person must be of sound mind.

Q4  How do they make this will? Is there a process to making a will? What kind of paper is to be used? What language do they write it in? Do they need other people to witness the will?

Ans:  No prescribed form for a Will; only needs to be signed and attested

Click Here for more details

 

Political Parties come under RTI ambit

In a major victory to democracy, the Central Information Commission on 3rd June has ordered all political parties not only to designate PIOs and AAs within six weeks but also to abide by voluntary disclosures under Section 4 of the RTI Act

It took Right to Information (RTI) activists SubhasChandra Aggarwal and Anil Bahirwal, the national coordinator of National Election Watch and Association for Democratic Reforms, a good three years to collect incriminating evidence and tenaciously follow it up to prove that all political parties are public authorities. This fact was consistently resisted by spokespersons of the big political parties—Congress, Bharatiya Janata Party (BJP), Samajwadi Party (SP), Bahujan Samaj Party BSP as well as Nationalist Congress Party (NCP). The duo’s commendable efforts finally resulted in the Central Information Commission (CIC)delivering a landmark judgment on 3June 2013.

“Political parties have long resisted opening themselves to public scrutiny. People have long been demanding that there should be complete transparency in their financial and internal functioning. Various commissions including the Law Commission, Election Commission and NCRCW have already recommended that political parties should demonstrate transparency through various measures. The CIC should be immensely complimented for passing this landmark judgement to enable the citizens of India so that they can access information about the political parties for which they vote for.”

Click Here for the full story on this landmark judgement which is being opposed by all political parties.

Vodafone humbled – pays Rs. 30,000

VODAFONE HUMBLED: COMPENSATED ME WITH RS.30,000.

I purchased two handsets for Rs.6398 in 2008 from HUTCHISON MAX PAGING PVT. LTD., a Vodafone dealer in Mumbai on which the name of Vodafone was inscribed. There was two years warranty. Many a time they couldn’t get connected to the network and were giving lot of trouble.

I requested the dealer to replace the handsets which could be operational but they refused.

I filed the case in Consumer District Court, Bandra which ordered Vodafone to refund me Rs.6398 with Rs.4000/- as compensation for legal expenses and hardship I suffered. I didn’t accept the amount and appealed to the State Consumer Disputes Redressal Commission, Maharashtra, Mumbai and argued the case in person on 30eth April 2013.

Commission passed the order in my favour.

Accordingly I received from Vodafone on 22nd May 2013 the cheque of Rs.6398 as the refund of my purchase price and a further cheque of Rs.30,000 as the damages.

My advice: fight for your right, never give up.

 

(Bhagvanji Raiyani)

Chairman & Managing Trustee

Forum For Fast Justice

NDTV, please dump Monsanto


TO: VIKRAM CHANDRA (CEO, NDTV), (//TWITTER.COM/VIKRAMCHANDRA)

We want NDTV to drop Monsanto-Mahyco as partner for it’s new TV series ‘Improving Lives’.

– NDTV in it’s new TV series talks about democracy and improving peoples lives.Then why is it partnering with a corporation like Monsanto known for using unscrupulous means to propagate its trade.

– Monsanto is a controversial corporation hated by people all over the world. Monsanto uses unethical practices and evil money to further its agenda. GMOs are banned in so many countries. There is a lot of resistance to it in India as well.

– Monsanto is known for its agenda to control food and farming as seen in the case of Bt cotton in India. Cotton was once used by Mahatma Gandhi in the fight for India’s independence, now 93% of our cotton is owned by American company Monsanto’s proprietary technology known as Bt cotton.

– NDTV is a reputed news organisation and pioneer in Indian TV news space. It aims to provide accurate news. So why partner with a liar like Monsanto?

NDTV should choose a non-controversial, ethical partner.

Why is this important?

NDTV has partnered with one of the the most unethical corporations and is misleading the people of India into thinking that this series is actually helping the public.

Monsanto has recently got a lot of criticisms from around the world and are trying to clean up their public image, this being one of the tactic.

– 90% of Genetically engineered (GE) seeds are made and owned by Monsanto. Many consumers are against GE food because it has been associated with health risks, loss of biodiversity, increased use of toxic weed killers (herbicides) and other environmental problems.

-Monsanto’s agenda is to turn the world’s agriculture into one big genetic experiment. In most parts of the world (Eg, Europe, Russia, Africa most Latin America and Asian countries) major food companies and retailers are refusing to sell GE foods. There are also many governments who have banned the growing of GE or refusing to import them. In response to the mounting criticism, Monsanto has been making an effort to green up its public image.

However, the real Monsanto is in the business of making money- first and last. Their evident strategy is to make farmers worldwide depend on their patented seeds, herbicides and pesticides. The record, as we demonstrate below, shows that Monsanto does not hesitate to sweep aside everything else…sustainable agriculture, the environment, farmer’s livelihoods and consumer’s interests… if this is required to achieve their goal of market domination.Monsanto guilty as charged for crimes against nature, crimes against the right of farmers to grow, and consumers to eat, GE-free crops and food. NDTV is misleading the nation by partnering with Monsanto on a show that has a message of democracy and sustainability.

Click Here to sign this petition

CERS’s intervention compels mattress manufacturer to refund partial cost of defective mattress.

CERS’s intervention compels mattress manufacturer to refund partial cost of defective mattress.

Ahmedabad, March 22, 2013

A city-based manufacturer of mattresses, who sold a defective piece of product and did not care to correct the defect even within the warranty period, was compelled by Consumer Education & Research Society (CERS) to refund partial cost of the product to the buyer through an order of the consumer forum.

As per the case details, Shekhar Raval, a resident of the city, purchased a multilayer rubberized coir mattress from Mattress Mart, a shop situated in Vastrapur area of the city at a cost of Rs. 6,840 on September 30, 2010. It was a Relaxwell  mattress carrying a warranty period of 5 years. But within a few days from purchase, Shekhar Raval and his wife had  developed a back pain due to some defect in the mattress and she had to go for a medical treatment, which cost Shekhar Rs. 15,500. He brought the defect to the notice of the seller and the shop owner Krishnakant assured to correct the defect within 30 days, but the promise was not kept.

Thereafter, Raval approached CERS and after verifying all the details. CERS filed a case in the Consumer Disputes Redressal Forum, Ahmedabad (Rural) on behalf of the complainant seeking complete refund of the purchase price along with interest and also compensation of Rs. 10,000 along with the medical expenses incurred and litigation & travelling cost of Rs. 5,000. The opponent had  not appeared before the forum during the hearing of the case.

After hearing arguments by CERS, the forum accepted the plea partially and ordered the opponent to pay an amount of Rs. 5,000 towards the cost of the mattress along with interest at 9% per annum from the date of filing of the complaint, Rs. 2,000 as a compensation for the mental agony faced by the buyer and Rs. 1,000 towards litigation & other cost.

For further information please contact Ms Pritee Shah (O) 079-27489945/46

Are you angry about being harassed by Bank services?

Are you angry about being harassed by Bank services? Are you worried about Bank charges being too high?

This is a rare opportunity to voice your concerns and share all your issues relating to banking services. Don’t Miss It!

Open House

 with Dr KC Chakrabarty, Deputy Governor, Reserve Bank

Dr Chakrabarty, one of RBI’s Deputy Governors, has had a banking career spanning over three decades. Previously, he was the CMD of Punjab National Bank and Indian Bank for two years each and also the chairman of the Indian Banks’ Association (IBA). Dr Chakrabarty is the central bank’s nominee on the Financial Stability Board. He is closely associated with many institutes, organisations, committees and working groups like National Housing Bank, Confederation of Indian Industry (CII), National Institute of Bank Management (NIBM), Indian Institute of Banking & Finance, etc.

Contact: Seraphina / Shilpa at 022-49205000
or email us at foundation@moneylife.in
or log on to foundation.moneylife.in

 

Monday, 3 June 2013 – 6 pm

Opening remarks
by Dr Chakrabarty and Open House for interaction:
6:30pm to 8:30pm

Venue:
Walchand Hirachand Hall, 4th floor,
Indian Merchants’ Chamber, IMC Marg,
Mumbai – 400 020. Opposite Churchgate station.
No Admission Fee, Prior registration is a must

FAQs from Department of Stamps & Registration

FAQs from Department of Stamps & Registration – http://igrmaharashtra.gov.in/FaqStampDuty.aspx#8

Frequently asked questions
About Registration
Valuation
Legal Matters
Stamp Duty
Marriage
Glossary
Stamp Duty

1 What is the bombay stamp Act,1958?
2 What is Stamp Duty ?
3 Whether Stamp duty is payable on transactions or on instruments?
4 What is instrument ?
5 What is document ?
6 Why Stamp Duty has to paid on document/instrument ?
7 Which provisions/ Articles of Indian Stamp Act, 1899 attracts Stamp duty in the state of Maharashtra ?
8 What is meant by execution of instruments?
9 How Stamp Duty is calculated?
10 What point of time of Stamp Duty payable ?
11 How is Stamp Duty payable?
12 Who is liable to pay Stamp Duty ?
13 What is meant by adjudication of instruments? Which authority is to be approached for adjudication of instruments ? What is the amount of fees required to be paid for adjudication? What documents are to be enclosed while submitting application for adjudication ?
14 How to pay Stamp Duty ?
15 How to pay Stamp Duty ?
16 What are the consequences of not paying Stamp duty?
17 In whose name the stamps are required to be purchased ?
18 What happens if the instrument is executed on stamps which does not bear the name of one of the executors?
19 What happens if the instrument is executed on stamps which does not bear the name of one of the executors?
20 What happens if the instrument is executed on stamps which does not bear the name of one of the executors?
21 What remedy is available to the parties, in case they do not agree with the true market value of the property as determined by Collector of the District ?
22 Is the chargeability of stamp duty determined by the Collector of stamps in adjudication final ? Can � person go in an appeal against the order passed by the Collector of Stamps ? Is there any time limit for filing the appeal ?
23 Why do the authorities insist on disclosure of relevant facts and circumstances to be fully and truly set forth in the instrument ?
24 Can there be refund of Stamp duty in case if the Stamp paper is unused or multiliated?
25 What is meant by impounding of instruments ?
26 As the cost of flat is required to be paid in installment as per agreement whether the stamp duty can be recovered in part at the time of payment of such installments instead of making full payment at the time of entering into the agreement ?
27 In case where the builder sells� flat to an individual in� building where the society is not formed and the document is not stamped and the individual resells the flat to another persons who pays the stamp duty. The builder confirms the said agreement and thereafter the society is formed. The purchaser becomes� member of� society. Whether the original purchaser in future will be liable to pay stamp duty and whether stamp duty can be charged on the flat and whether the first purchaser can be forced to pay the stamp duty by the Government or it will be have to be borne by the second purchaser again who is the present owner of the flat ?
28 On what basis ( Carpet, Built-up or Super built-up ) are the rates fixed by the stamp authorities ?
29 Will stamp duty have to be paid if there is a �deed of family settlement and a flat is transferred amongst family members ?
30 Will stamp duty have to be paid if the flat is gifted by a donor ?
31 Is the decree of final order of a civil court by which immovable property is transferred be liable to be stamped as a conveyance ?
32 In case of resale of the flat who has to pay the Stamp duty, the purchaser or the seller ?
33 Are orders made by the High court under section 394 of the Companies Act, 1956 in respect of amalgamation of companies be liable for payment of stamp duty as on a Conveyance ?
34 In whose name should the stamp paper be purchased. ? Can the client execute the document on � stamp paper purchased by an Advocate ?
35 In whose name should the stamp paper be purchased. ? Can the client execute the document on � stamp paper purchased by an Advocate ?
36 What are the different support documents generally required to be submitted for registration?

 

http://igrmaharashtra.gov.in/FaqStampDuty.aspx#8