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While making the list of properties, or after making it, I must find whether the document and the other record relating to the asset is complete.
Land, house, flat, shed
If I have a plot of land, I must find that it ‘stands’ in my name, for example in the record of the Cooperative Housing Society, or Housing Development Authority, or State Industrial Development Corporation. If I am ‘owner’ of the land, my name must appear in the revenue record of the State. In Maharashtra, it is the 7/12 record or the City Survey Record. Other states have different names, like Khasra, Jamabandi etc.
If I have a house or a flat, my name must appear in the record of the Cooperative Housing Society or Apartments Condominium, the Municipal tax record, electricity connection record.
If I have got these assets by transfer, like a sale, lease or gift, I must have the original registered ‘deed’ by which I got this property.
If I have mortgaged my asset with a bank, I must have a copy of the mortgage deed, and an acknowledgment from a bank that it has my original title deed.
If I have got the asset under a partition deed, I must have the original deed. If the original deed is with another sharer under the partition, I must have its certified copy issued by the registration office.
If my name does not appear in any of these records, I must get it recorded.
Do I have these documents in my file? If not, I must start procuring them.
Bank accounts, Investments
I must have a physical record in my file of each investment I have made: the passbook or printed statement of my bank account, the purchase slip showing purchase of shares or units, the statement of holding issued by NSDL.
If I keep a deposit online, I must keep a printout of the deposit receipt. I must be more particular with online deposits and transactions in demat form. I must also check at regular intervals (each quarter) that my ‘online’ assets are in place.
Nominations
Where any asset allows making nominations, I must ensure I have made a nomination. The record must mention that I have made the nomination, otherwise I must get the record corrected.
In my list, I must mention whose name has been nominated for which asset.
Correct names
I must ensure that the names of all holders of the asset and nominees are correctly recorded in the records of banks, companies, mutual funds or financial institutions. Ideally the name should match the name on the PAN Card.
Nilima Bhadbhade, PhD (Law)
https://in.linkedin.com/in/nilima-bhadbhade
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Obiter Dicta 