The Hindu Succession Act of 1956 is an inheritance law governing property succession that applies to Hindus, Jains, Sikhs, and Buddhists.

Testamentary succession is executed through a will made by a testator expressing his/her wishes for their estate planning including, investments, properties, and other valuable articles.

An inherited property is not subjected to tax at the time of inheritance, but it is taxable during sale under the Indian Succession Act 1925.

The Hindu Succession Act classifies heirs into two classes: Class 1 and Class 2, which are immediate and distant heirs, respectively. Without a will, each heir gets a share of the property.

Hindu Succession Act of 1956 defines the succession rights for Class I and Class II heirs and agnate and co-agnate. Learn more

When an individual dies without a Will, the succession laws apply to transfer the deceased person’s assets to the legal heirs.

Sometimes, people are confused between nominees and legal heirs, and they have misconceptions that the nominee is someone who will inherit the investment after their death. However, the legal heir and nominee are separate entities in the eyes of the law.