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Lady wants beneficiary to transfer amount in charity is this binding?
12-Feb-2023 (In Wills / Trusts Law)
I am approaching you on behalf of an old (97 yrs) lady who wishes to bequeeth her flat in Mumbai to a distant relative by her will. In return, after her death, and once the flat is fully transferred to the beneficiary, it is her wish that the beneficiary donate a substantial some ( approximately half the value of the flat) to some selected charities. Q 1. Is there any tax liability ? Q 2.Can an agreement /undertaking be made between the beneficiary and the executers of the will which will be legally binding? Please advise.
Yes, in such situations a conditional will can be executed. Alternatively, a trust could also be created however that process is slightly more complex. However, the tax liability for a charitable trust would be much less. If the property is given through a will, then the beneficiary would have to bear some income tax liability. As wealth tax has now been abolished, this income tax liability can only be ascertained after the next budget. The person who will receive the property can certainly be bound by certain conditions as required by the donee.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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