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I live in Mumbai, and have no siblings. My father passed away without updating nominee details on his mutual funds and bank accounts. What’s the process for me to claim these investments?
Vikash Jain Co-founder, Share Samadhan : In case of a claim for investments of a deceased holder lying in mutual funds and bank accounts, you need to complete the transmission process with the respective bank and mutual fund house. For this, you must provide your KYC documents such as PAN, Aadhaar, affidavit, and indemnity, along with legal documents like the legal heir certificate or, if the value exceeds Rs 5 lakh, a succession certificate from the court. After preparing and verifying all the required documents, submit them to the concerned bank or mutual fund house. Once they find everything in order, the investments will be transmitted to your name, and you will become the rightful holder of those assets.
My father passed away in 2021 without listing anyone as a nominee for his two bedroom apartment in Mumbai. I have two brothers. There is no will, legal heir certificate, or succession deed. To establish ourselves as legal heirs and claim ownership of the flat, what documents do we need to submit to the society?
Rajat Dutta Founder & Initiator, Inheritance Needs Services: The transfer of ownership (mutation) of the immovable property after your father’s demise will be governed by the Transfer of Property Act 1882, the Registration Act, and the Maharashtra Stamp Act 1958. Nomination is not recognised under the Transfer of Property Act for ownership transfer upon death. Under the Maharashtra Cooperative Societies (MCS) Act 2019, a share certificate is issued to flat owners (your father, in this case). Nominees are listed on the share certificate after the owner’s demise under the Securities Contract Regulation Act 1956. However, a nominee is only a representative or custodian of the property, responsible for its upkeep and maintenance, not its legal owner. If your father was the sole owner of the flat in Mumbai and it was self-acquired, the property will be distributed according to the applicable succession laws in the absence of a will. For a Hindu family, the Hindu Succession Act applies, and the legal heirs (your mLoA) petition with the competent court. Once the LoA is issued, heirs must execute and register a transfer deed at the sub-registrar’s office. The mutation process then updates ownership in revenue records, listing the rightful heirs. Providing the transfer deed to the housing society allows updates to the share certificate. This process ensures legal transfer of ownership and formal recognition in both public and societal records.
Ask our experts
Have a question for the experts? etwealth@timesgroup.com
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com)
I live in Mumbai, and have no siblings. My father passed away without updating nominee details on his mutual funds and bank accounts. What’s the process for me to claim these investments?
Vikash Jain Co-founder, Share Samadhan : In case of a claim for investments of a deceased holder lying in mutual funds and bank accounts, you need to complete the transmission process with the respective bank and mutual fund house. For this, you must provide your KYC documents such as PAN, Aadhaar, affidavit, and indemnity, along with legal documents like the legal heir certificate or, if the value exceeds Rs 5 lakh, a succession certificate from the court. After preparing and verifying all the required documents, submit them to the concerned bank or mutual fund house. Once they find everything in order, the investments will be transmitted to your name, and you will become the rightful holder of those assets.
My father passed away in 2021 without listing anyone as a nominee for his two bedroom apartment in Mumbai. I have two brothers. There is no will, legal heir certificate, or succession deed. To establish ourselves as legal heirs and claim ownership of the flat, what documents do we need to submit to the society?
Rajat Dutta Founder & Initiator, Inheritance Needs Services: The transfer of ownership (mutation) of the immovable property after your father’s demise will be governed by the Transfer of Property Act 1882, the Registration Act, and the Maharashtra Stamp Act 1958. Nomination is not recognised under the Transfer of Property Act for ownership transfer upon death. Under the Maharashtra Cooperative Societies (MCS) Act 2019, a share certificate is issued to flat owners (your father, in this case). Nominees are listed on the share certificate after the owner’s demise under the Securities Contract Regulation Act 1956. However, a nominee is only a representative or custodian of the property, responsible for its upkeep and maintenance, not its legal owner. If your father was the sole owner of the flat in Mumbai and it was self-acquired, the property will be distributed according to the applicable succession laws in the absence of a will. For a Hindu family, the Hindu Succession Act applies, and the legal heirs (your mLoA) petition with the competent court. Once the LoA is issued, heirs must execute and register a transfer deed at the sub-registrar’s office. The mutation process then updates ownership in revenue records, listing the rightful heirs. Providing the transfer deed to the housing society allows updates to the share certificate. This process ensures legal transfer of ownership and formal recognition in both public and societal records.
Ask our experts
Have a question for the experts? etwealth@timesgroup.com
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com)
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