| QUERY: | What is the Law laid down by Hon. Supreme Court in respect of impartible estate of HUF property? |
| ANSWER: | Click here to read the full answer of the expert |
| EXPERT: | CA. H. N. Motiwalla |
| SECTION(S): | 6 of Hindu Succession Act |
| GENRE: | Hindu Law |
| CATCH WORDS: | Hindu Succession Act, HUF, impartible estate |
Section 6 of the Hindu Succession Act, 1956 as it stood before its substitution by the Hindu Succession (Amendment) Act, 2005 w. e. f. September 9, 2005 is reproduced as under:
| QUERY: | My wife expired in 2006, left certain gold ornaments & jewellery for my son, who is Indian Origin, U. S. Citizen. Please inform how much worth ornaments can be taken outside India? |
| ANSWER: | Click here to read the full answer of the expert |
| EXPERT: | CA. H. N. Motiwalla |
| SECTION(S): | 6 of Hindu Succession Act |
| GENRE: | Hindu Law |
| CATCH WORDS: | HUF, impartible estate |
From the fact, it is clear that querist’s son is Indian origin, U. S. Citizen, who has inherited certain gold ornaments and jewellery from his mother.
As per sub-regulation (2) of regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2000, a Non-Resident Indian (NRI) / Person of Indian Origin (PIO), may remit an amount,
| QUERY: | An Indian Company X which is situated in the Special Economic Zone, has entered into transactions during the financial year 2013-14 with a foreign Company Y in relation to the purchase and sale of goods or services. Co. X wishes to set off (or netting off) the export receipts against the amounts payable for imports. Whether the setting off (or netting off) of export receipts against amounts payable for imports by Co. X is permissible as per the Indian Exchange Control Regulations? |
| ANSWER: | Click here to read the full answer of the expert |
| EXPERT: | CA. H. N. Motiwalla |
| SECTION(S): | 7 of FEMA |
| GENRE: | FEMA |
| CATCH WORDS: | FEMA |
As per section 7 of FEMA 1999, exporters have to receive full value of export of goods or services:
Any arrangement involving adjustment of value of goods imported into India against value of goods exported from India, shall require prior approval of the Reserve Bank of India
| QUERY: | Can a charitable trust registered under the Income-tax, 1961 having exemption under section 11 of the Act; receive donation from NRI staying outside India; without being getting registered or prior permission under Foreign Contribution Regulation Act, (FCRA)? |
| ANSWER: | Click here to read the full answer of the expert |
| EXPERT: | CA. H. N. Motiwalla |
| SECTION(S): | 3 of FCR Act |
| GENRE: | Foreign Contribution (Regulation) Act |
| CATCH WORDS: | charitable trust, FCR Act |
The main object of FCRA, 2010 is to consolidate the law to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilization of foreign contribution or foreign hospitality for any activities detrimental to the national interest and for matters connected therewith or incidental thereto.
| QUERY: | Whether Agreement for sale or Agreement to sale Stamp Duty is payable? |
| ANSWER: | Click here to read the full answer of the expert |
| EXPERT: | CA. H. N. Motiwalla |
| SECTION(S): | |
| GENRE: | Taxation (Domestic) |
| CATCH WORDS: | Banking Regulation Act, Bombay Stamp Act, Companies Act |
Section 2(g) of the Bombay Stamp Act, 1958 defines conveyance, which includes:
(i) a conveyance on sale,
(ii) every instruments,
(iii) every decree or final order of any Civil Court
| QUERY: | What is the Law laid down by Hon. Supreme Court in respect of impartible estate of HUF property? |
| ANSWER: | Click here to read the full answer of the expert |
| EXPERT: | CA. H. N. Motiwalla |
| SECTION(S): | Section 6 of the Hindu Succession Act 1956 |
| GENRE: | Hindu Law |
| CATCH WORDS: | Hindu Law, HUF, impartible estate |
an estate, which is impartible by custom, cannot be said to be the separate or exclusive property of the holder of the estate. If the holder has got the estate as an ancestral estate and he is succeeded to it by primogeniture, it will be part of the joint estate of the undivided Hindu family