Girish Raj
I would like to know if I can nominate my share to my two daughters who are US citizens without informing my son. The co-operative society share certificate has my son and wife listed as shareholders. I know my son who is Indian citizen is opposed to this decision.
Do I need to obtain any clearance to add my daughters to the share certificate or are it better to nominate my share in my will instead? I am unclear if my son can object at a later stage and would like to secure my decision.
I C Naik
If the flat is acquired with funds earned by you and no part of funds inherited by you are deployed in the flat, you can gift the same to any one you like, who may not be your relative. Ancestral Property cannot be gifted or willed away to other than your descendents.
The nominees at the time of acquiring flat under nomination will be subject to RBI rules as prevailing at a relevant time.
