Hello All My father passed away last month. He has left some bank acounts, some properties and some vehicles behind him along with the Demat account for shares. All his bank acounts has and FDR had nomination in favour of my Mother. Although his Demat account did not had a nomination as it was an old account and nomination was not mandatory at that time. My father has left a will which is not registered but it is signed by two witnesses, and he has clearly mentioned what bank accounts, properties, vehicles and shares he wanted to divide between his wife, son and one daughter, because he thought he had made nominations everywhere. Now the thing is as he forgot the make the nomination, and also his will is not registered. The DP where he holds the Demat account is asking to get a probate of the will or letter of administration or sucession certifiate. 1. Is getting a probate of will same as succession certificate ? 2. Is the stamp duty in probate is sames as succession (around 7%). 3. Is there a capping on stamp fees for probate and succession ( asking this because the holding is way too much and paying 7-8% is not possible for us at this hard times ) . Also i know according to law a will signed by two witness is valid according to law. Then why DP is not accepting and asking for a succession or probate ? Any help and advice would be appreciated. Thanks
Probate is judicial proof that will executed by testator is genuine . It is for both movable and immovable properties
2) succession certificate is for movable debts and securities
3) court fees is state subject and varies from state to state
4) it depends upon value of property . In Maharashtra for instance maximum court fees is Rs 75000 for probate
5) DP is asking for probate to avoid legal hassles later
Dear Mr. Sethi Thanks for the prompt advice. My questions is that shares comes under the movable property so it is advisable to take the probate ? if it is capping at 75000 in maharashtra then do you think it would be same around in madhya pradesh because we would not be able to pay the % stamp duty right now for probate or sucession. Also sir the procedure for probate is as long as sucession ?
1) it is advisable to obtain probate
2) local lawyer in MP can guide you court fees payable by you
3) probate takes around 6 months if there is no contest by any of the legal heirs
If the proeprty left consists of bot moveable and immoveable proeprty then taking of Probate is necessary.
However if there is no immovable proeprty and only moveable proeprty is left then taking if succession certificate si required.
Do note without payment of requisite court fees no probate or succession certificate is granted.
So when you can pay the court fes then only apply for the same.
In the case of filing a probate the entire court fee need not be paid at the time of filing of the probate. you may pay the same at the time of execution.
1. Is getting a probate of will same as succession certificate ?
Getting probate and obtaining succession certificate is totally different to each other.
2. Is the stamp duty in probate is sames as succession (around 7%).
The stamp duty for different deeds are different across the states in India, you may enquire about it in the local.
3. Is there a capping on stamp fees for probate and succession ( asking this because the holding is way too much and paying 7-8% is not possible for us at this hard times ) .
The stamp duty on different subjects depends on the local rules.
They differ in each and other state.
They are not the same in all the states.
You may consult a local lawyer on this issue and get the same clarified properly.
Thanks for the prompt advice. My questions is that shares comes under the movable property so it is advisable to take the probate ? if it is capping at 75000 in maharashtra then do you think it would be same around in madhya pradesh because we would not be able to pay the % stamp duty right now for probate or sucession.
Also sir the procedure for probate is as long as sucession ?
The probate case is different to that of the succession certificate case.
The stamp duty in Madhya pradesh will differ to that of Maharashtra.
You may enquire about it in the local.