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How do I revise my will?
Under the Indian Succession Act, 1925, a testator (person making the Will) has full legal right to revise, modify, or revoke their Will any time before their death, provided they are of sound mind and acting voluntarily. Two Legal Ways to Revise a Will ✅ 1. By Making a Codicil A Codicil is a supplemRead more
Under the Indian Succession Act, 1925, a testator (person making the Will) has full legal right to revise, modify, or revoke their Will any time before their death, provided they are of sound mind and acting voluntarily.
Two Legal Ways to Revise a Will
✅ 1. By Making a Codicil
A Codicil is a supplementary legal document used to modify, add to, or revoke part(s) of an existing Will.
It should:
Refer clearly to the original Will.
Be signed by the testator.
Be attested by two witnesses, just like a Will.
Example use: “I wish to change the executor named in my Will dated 5th June 2020. Instead of Mr. X, I now appoint Mr. Y.”
✅ Advantage: Simple way to make small changes.
✅ 2. By Making a New Will
If changes are major (e.g., change in property, beneficiaries, or intentions), it is advisable to:
Draft a completely new Will.
Clearly revoke all previous Wills and codicils.
Sign the new Will in the presence of two witnesses.
(Optional but recommended) Register the new Will under Section 40 of the Registration Act, 1908, to avoid disputes.
Important Legal Tip:
Simply tearing or destroying the old Will without creating a new one can cause confusion and disputes.
Is Registration of Revised Will Mandatory?
No, registration is not mandatory, but it gives stronger legal evidence of authenticity and prevents tampering.
Conclusion:
You can revise your Will:
For minor changes → Use a Codicil.
For major changes → Draft a New Will with revocation clause.
Both must follow the same execution process — signed by the testator in presence of two witnesses.
See lessWhat is the benefit of registering a Will and how to register it?
✅ 1. What is a Will? A Will is a legal declaration by which a person (testator) expresses their intention about how their property should be distributed after death. It is governed by the Indian Succession Act, 1925, and can be either registered or unregistered. Both are valid, but registration addsRead more
✅ 1. What is a Will?
A Will is a legal declaration by which a person (testator) expresses their intention about how their property should be distributed after death.
It is governed by the Indian Succession Act, 1925, and can be either registered or unregistered. Both are valid, but registration adds legal strength.
🎯 2. Benefits of Registering a Will
Although registration is not mandatory, registering a Will offers several advantages:
📝 3. How to Register a Will in India
Registration is done under Section 40 of the Registration Act, 1908. Here’s the simple step-by-step process:
🪪 Step 1: Draft the Will
Clearly mention details of the testator, properties, beneficiaries, executor, and any conditions.
🧑⚖️ Step 2: Visit the Sub-Registrar
Go to the Sub-Registrar Office in whose jurisdiction the Will is being executed.
You may carry the Will with two witnesses (who also sign the Will).
📅 Step 3: Execution and Witnesses
The testator must sign (or affix thumb impression) in presence of two witnesses, who also sign in presence of the testator.
🧾 Step 4: Pay Nominal Registration Fees
The fee for registering a Will is very minimal (usually ₹100 or less, depending on the state).
📚 Step 5: Registration
The Will is recorded and securely stored by the Registrar.
The testator can later revoke or replace the Will by executing a fresh one.
📌 Important Notes:
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See lessA Will can be registered even after the death of the testator by the executor or legal heirs.
Even a registered Will can be challenged in court, but it has stronger evidentiary value.
Whether the subsidiary of a foreign company be termed as public company or private company as per the Companies Act, 2013.
A subsidiary of a foreign company registered in India will be treated as a public company under the Companies Act, 2013, if its holding foreign company is a body corporate that would be classified as a public company if registered in India. As per the Explanation to Section 2(71) of the Companies AcRead more
A subsidiary of a foreign company registered in India will be treated as a public company under the Companies Act, 2013, if its holding foreign company is a body corporate that would be classified as a public company if registered in India.
As per the Explanation to Section 2(71) of the Companies Act, 2013:
“A company which is a subsidiary of a company, not being a private company, shall be deemed to be a public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.”
See lessWhat is a small company?
Definition (Section 2(85) of the Companies Act, 2013): A Small Company is a private company that satisfies both of the following conditions: Paid-up share capital does not exceed ₹4 crore; and Turnover as per its last Profit and Loss account does not exceed ₹40 crore. 🆕 (As per MCA Notification dateRead more
Definition (Section 2(85) of the Companies Act, 2013):
A Small Company is a private company that satisfies both of the following conditions:
Paid-up share capital does not exceed ₹4 crore; and
Turnover as per its last Profit and Loss account does not exceed ₹40 crore.
🚫 Exceptions – The following are not considered Small Companies:
Even if they meet the capital and turnover limits, the following cannot be classified as a small company:
A public company
A holding or subsidiary company
A company registered under Section 8 (non-profit)
A company governed by any special Act
Why Classification Matters?
Small companies enjoy certain benefits and compliances relaxations, such as:
Exemption from cash flow statements.
Lesser penalties for defaults.
Simplified board meetings and annual returns (can be signed by one director).
No need for rotation of auditors.
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Who can sign share certificates of the company?
As per Section 46 of the Companies Act, 2013 and Rule 5(1) of the Companies (Share Capital and Debentures) Rules, 2014, share certificates must be signed by: Two directors of the company — one of whom must be: Managing Director (MD), or Whole-Time Director (WTD), if any. The Company Secretary (CS),Read more
As per Section 46 of the Companies Act, 2013 and Rule 5(1) of the Companies (Share Capital and Debentures) Rules, 2014, share certificates must be signed by:
Two directors of the company — one of whom must be:
Managing Director (MD), or
Whole-Time Director (WTD), if any.
The Company Secretary (CS), if the company has appointed one;
If there is no Company Secretary, then by any other person authorised by the Board.
🖊️ Manner of Signing:
The signatures of the directors and CS/authorised person may be printed or affixed digitally, but must be:
In accordance with the Articles of Association.
Properly authorised by a Board Resolution.
Compliant with any applicable Secretarial Standards (SS-1).
💡 Note:
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See lessCommon Seal is not mandatory, but if the company uses one, it should be affixed in accordance with the provisions of the Articles.
The certificate must also be issued within 2 months from the date of allotment (Section 56).
In case deposit is taken from a person who is both a director and a member of the Company, will such receipt of money be treated as deposit or not?
The classification depends on the capacity in which the amount is given — whether as a director or as a member (shareholder) — and the conditions attached to each case. Under Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014, certain amounts are excluded from the definition of 'depoRead more
The classification depends on the capacity in which the amount is given — whether as a director or as a member (shareholder) — and the conditions attached to each case.
Under Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014, certain amounts are excluded from the definition of ‘deposit’, including:
📌 1. Amount received from a director (not a deposit)
As per Rule 2(1)(c)(viii):
✅ Conditions:
A declaration in writing that funds are not borrowed.
Disclosure in Board’s report.
📌 2. Amount received from a member (could be a deposit)
As per Rule 2(1)(c)(vi) (applicable only to private companies under certain exemptions):
Limit of 100% of paid-up share capital + free reserves + securities premium.
Filing of Form DPT-3.
Compliance with Board resolution and other prescribed conditions.
🛑 For public companies, money from members is generally treated as deposit, unless it falls under exempted categories.
💡 Now, if a person is both a Director and a Member, how to treat it?
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See less✅ If the amount is received under Director’s category (with declaration and compliance), it will NOT be treated as deposit.
❌ If the amount is received as a Member/shareholder, it may be treated as deposit, subject to conditions and restrictions — especially in case of public companies.
Whether advance taken from customers by real estate company on which no interest has been paid will be treated as advance or deposit as per the Companies Act, 2013?
Such advance will NOT be treated as a deposit, if it satisfies certain conditions under the Companies Act, 2013 and its Rules. As per Rule 2(1)(c)(xii) of the Companies (Acceptance of Deposits) Rules, 2014, the following amount is not treated as a deposit: “Any amount received in the course of, or fRead more
Such advance will NOT be treated as a deposit, if it satisfies certain conditions under the Companies Act, 2013 and its Rules.
As per Rule 2(1)(c)(xii) of the Companies (Acceptance of Deposits) Rules, 2014, the following amount is not treated as a deposit:
“Any amount received in the course of, or for the purposes of the business of the company — as an advance for supply of goods or provision of services… provided that such advance is appropriated against supply of goods or services within 365 days from the date of receipt of such advance.”
In Real Estate Context:
If a real estate company receives advance from home buyers for allotment of flat/property:
✅ It will be treated as advance, not deposit, if:
It is received in the ordinary course of business, i.e., sale of flats/units.
The amount is appropriated towards the agreement (like allotment, construction milestone payment etc.) within 365 days.
❌ It will be treated as deposit if:
The amount remains unadjusted for more than 365 days, and
No refund or documented extension is in place.
📌 Important Note:
Even if no interest is paid, the classification depends on purpose and utilization, not interest payment.
Also, RERA (Real Estate Regulation and Development Act, 2016) mandates that 70% of the amount collected from allottees must be kept in a separate escrow account. However, RERA does not override the Companies Act, so the 365-day limit under Companies Act still applies for determining whether it’s a deposit.
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