Synopsis

ET Wealth Reader's Query: I’m a single parent and my only son is now a foreign national. I want to safeguard his interests and am wondering should I make him a co-owner of my properties—to reduce his paperwork, regarding inheritance?

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I’m a single parent and my only son is now a foreign national. I want to safeguard his interests and am wondering should I make him a co-owner of my properties—to reduce his paperwork, regarding inheritance?



Rajat Dutta Founder & Initiator, Inheritance Needs Services: Properties comprise both movable assets, such as bank accounts, investments, jewellery and vehicles, and immovable assets, such as land, houses and apartments. Upon your demise, your ownership—whether partial or complete—in these assets will need to be legally transmitted to your legal heirs or beneficiaries through the applicable succession process.

Since your son is a foreign national, adding his name as a joint owner in your assets during your lifetime would generally be treated as an exempt gift under Indian tax laws. However, you should also evaluate the tax implications in your son’s country of residence or domicile, as the transfer may attract gift, inheritance or reporting obligations under local laws. In the case of immovable property, adding him as a co-owner would also require payment of the applicable stamp duty and registration charges, making it important to weigh the costs and benefits before proceeding.

(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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