LatestIncome Tax 10 November 2026
NRIs Must Choose One Will for India and Singapore Assets
India currently has no general inheritance tax, but recent income‑tax amendments require NRIs holding property in both India and Singapore to consider a single, coordinated will. The amendment adds a detailed state‑by‑state list of assets subject to specific rules, helping avoid dual probate and potential tax complications. It also clarifies reporting obligations for overseas holdings.
Key points
- India has no general inheritance tax, but the new amendment provides a state‑by‑state list of specific asset rules.
- NRIs with assets in India and Singapore should draft a single, coordinated will to avoid dual probate.
- The amendment clarifies reporting duties for overseas holdings.
For full details see the Upstox article.
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