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Description:
Several problems were encountered with legitimacy of wills when property is inherited. Specifically,
- NRI/NRGs who have inherited property are hassled with the problems of will probating, legal works, share transfers, etc.
- Although NRI/NRGs are allowed to remit the sale proceeds of assets in India acquired by inheritance/legacy up to US $1 million per calendar year, they feel handicapped since:
- Production of documentary evidence of inheritance & tax clearance certificates to the authorized dealer is required.
- The absence of a will or the invalidity of a will or parts of a will often generates problems for the legal heirs and successors.
- Documentary evidence of inheritance is generally not available due to the fact that the NRI has been absent from India for a prolonged period, the possible demise of the original owner, non-availability of documentation of inheritance, etc.
- NRI/NRGs who have investments in shares, debentures, fixed deposits and mutual funds find the filing of tax returns, getting competent consultancy on taxation to be very cumbersome.
Outcomes:
The IGO met with the President of the High Court Bar Association in Goa and is developing the following:
A network of professionals to provide Estate and Taxation Care services for estates left by legacy, property litigation etc. in North, Central and South Goa.
These lawyers are required to be extremely competent, reputable and committed individuals working in the legal profession in Goa. Professionals should be highly skilled, competent legal counsels and experts located in Goa who provide dedicated services with unrivalled quality, credibility and integrity. Their legal services should be transparent, trustworthy, reliable, comprehensive, effective and efficient. Services required are:
- Arrange for probating of will, succession certificates, etc.
- Provide a specific format for an undertaking/certificate to satisfy documentary evidence of inheritance in the absence of a will
- Arrange for getting legal opinions
- Carry out regular follow-up of all legal matters
- Handle all property-related or other litigation
- Take care of all government and statutory formalities
- Handle name transfer of shares
- Handle transfer of bank accounts and immovable property
- Handle transfer of telephone, etc.
- Clarification of tax calculation procedures
- Authorized professional in Goa to provide tax clearance certificates
- Prompt processing without the requirement to offer a "bonus" to any official
A network of professionals that handle Tax matters
- Provide professional tax advice
- Provide expert legal opinion
- Arrange for counsel to appear for hearings
- Prepare and submit tax returns
- Pay income taxes and other taxes
- Arrange for follow-up of pending tax matters, such as refunds, etc. with the tax authorities
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