What Is Succession Certificate
Succession Certificate
It is a Certificate which enables a person(s) to obtain the debts and security from any bank/department/institution (as the case may be) of deceased who died without appointing the nominee under his/her account or executing Will. How to get Succession Certificate in India How to get succession certificate
Why Succession Certificate Required
It is must required for release of legal debt and security of deceased if deceased died without executing Will or appointing nominee in Bank account or in Insurance policy etc. How to get succession certificate
Succession Certificate Under Which Section
Section 372 of the Indian succession act, 1925, enables a person to submit application for grant of this certificate in respect of debt or security of the deceased who dies intestate.
How To Obtain Succession Certificate & Where To Apply
This Certificate is a certificate granted by the Courts in India to the legal heirs of a person dying intestate leaving debts and securities. A person is said to have passed away intestate when he/she does not leave a legal Will. This certificate entitles the holder to make payment of debt or transfer securities to the holder of certificate without having to ascertain the legal heir entitled to it. It provides indemnity to all persons owing such debts or liable on such securities with regards to all payments made to or dealings had in good faith with a person to whom a certificate as granted. Hence, many organisation and person request for succession certificate before settling the debts or securities of the deceased in favour of the person claiming such debts or securities.
(Read Here Difference Between Succession and Legal Heirs Certificate)
Procedure for Obtaining Succession Certificate How to get succession certificate
Section 371 of Hindu Succession Act provides the jurisdiction of place where the petition be filed. To obtain this certificate, a petition to the District Judge within whose jurisdiction the deceased person ordinarily resided at the time of his or her death or, if at that time he or she had no fixed place of residence, the District Judge within whose jurisdiction any part of the property of the deceased may be found.
Necessary Particulars For Filing of Succession Petition
A petition for succession certificate must contain the following particulars:
- Time and place of death of the deceased;
- Residence or details of properties of the deceased at the time of death within which Judge the jurisdiction falls under;
- Details of family or other near relatives;
- Any legal heir who wishes to relinquish his right to the estate, he must declare so in an affidavit
- The rights of the petitioner;
- The debts and securities for which the certificate is being applied for,
- Absence of any impediment to the grant of certificate;
- A declaration to be made for the absence of any reason to invalidate the grant of the certificate.
Grant of Succession Certificate How to get Succession Certificate in IndiaHow to get succession certificate
On making the petition, if the District Judge is satisfied as to the ground of making the petition, can grant an opportunity of hearing to persons who, in his/her opinion, should be heard. After hearing all parties, the Judge can decide the right of the petitioner to be granted the succession certificate. The Judge would then pass an order for grant of certificate specifying the debts and securities set forth in the application empowering the person to receive interest or dividend or to negotiate or transfer or do both.
Restriction on issuance of this Certificate
A court can sometime require a bond with one or more surety or sureties or any other security for rendering an account of debts and securities received by the petitioner by issuance of certificate for indemnifying the persons who may be entitled to any part of the debt or securities claimed by petitioner.
(Also Know About Modes Of Transfer Of Property in India)
Validity of Succession Certificate How to get succession certificate
This certificate has validity throughout India. If a certificate is granted in a foreign country by an Indian representation accredited to that State, it should be stamped in accordance with the Court Fees Act 1870 to have the same effect in India as a certificate granted in India. How to get Succession Certificate in India
Succession Certificate for Immovable Property
Is it most important to know that for which purpose the certificate may be obtained. This Certificate only can be obtained for the purpose empowering to collect the immovable things like debt, security, cash from bank, insurance claim, mutual funds etc. How to get Succession Certificate in India
Is there any court fee for issuance of Succession Certificate
In every state has adopted created the their own Court Fee Act, by which every state having different court fee for issuance of this certificate. It is important to know here that when court is required? Ans. Court fee is required at the time of issuance of the Certificate. First court would allow the succession petition and than petitioner have to furnish the judicial stamps in accordance of property value. The Court will issue the certificate on those stamp papers.
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