THE FRAMEWORK

There are several laws in India that affect individuals and high net worth individuals (HNIs) across various aspects of their lives in India. Here are some key laws that have a significant impact for them:

​

• Constitution of India: The Constitution of India is the supreme law of the country, which provides fundamental rights and freedoms to individuals, such as the right to equality, freedom of speech and expression, right to religion, right to education, and right to protection from discrimination.

​

• Family Laws: Family laws in India govern issues related to marriage, divorce, inheritance, and adoption. These laws vary depending on the religion and personal laws of individuals. India also recognizes different personal laws for various religious communities, such as the Hindu Marriage Act, Muslim Personal Law, and Christian Marriage Act. These laws govern matters like marriage, divorce, inheritance, and adoption within respective religious communities. Succession laws in India are governed by the Indian Succession Act, 1925, which sets out the rules for distribution of property in the absence of a valid will. Hindu Succession Act, 1956 and Muslim personal law also have their own specific provisions.

​

• Estate Planning Instruments: In India, estate planning is typically done through instruments such as wills, trusts, and gifts. These instruments are used to transfer ownership of assets to desired beneficiaries.

​

• Estate Administration: Proper administration of an individual's estate is crucial to ensure that their wishes are carried out and that their assets are distributed to the intended beneficiaries. Estate administration involves tasks such as valuing assets, paying off debts, and distributing assets to beneficiaries.

​

• Indian Penal Code (IPC): The IPC is a criminal code that defines and punishes offenses against the state and individuals. It covers a wide range of offenses, including theft, assault, murder, fraud, and sexual offenses.

​

• Code of Criminal Procedure (CrPC): The CrPC lays down the procedures for the investigation and trial of criminal offenses in India. It governs the powers of the police, the conduct of trials, and the rights of individuals involved in criminal proceedings.

​

• Code of Civil Procedure (CPC): The CPC governs the procedures for civil litigation in India. It outlines the process for filing lawsuits, conducting trials, and enforcing judgments in civil disputes, such as property disputes, contract disputes, and family law matters.

​

• Real Estate (Regulation and Development) Act (RERA): HNIs investing in real estate properties need to adhere to RERA, which provides guidelines for transparency, accountability, and consumer protection in the real estate sector. It regulates the sale, purchase, and development of properties, ensuring timely delivery and fair practices.

​

• Companies Act: HNIs involved in business activities, such as owning or managing companies, are subject to the provisions of the Companies Act. This law governs the formation, operation, and dissolution of companies in India, and sets out various compliance requirements for corporate entities.

​

• Foreign Exchange Management Act (FEMA): FEMA regulates foreign exchange transactions in India. HNIs involved in international investments, remittances, or transactions with non-residents need to comply with FEMA guidelines, including reporting requirements, restrictions on foreign assets, and repatriation rules.

​

• Securities and Exchange Board of India (SEBI) Regulations: HNIs who participate in the Indian securities market are subject to SEBI regulations. These regulations cover areas such as insider trading, portfolio management services, mutual funds, and alternative investment funds.

​

• Prevention of Money Laundering Act (PMLA): PMLA is aimed at preventing money laundering and combating the financing of terrorism. HNIs are required to comply with obligations such as maintaining proper records, verifying the identity of clients, and reporting suspicious transactions to the authorities.

​

• Consumer Protection Act: The Consumer Protection Act (CPA) is a law that protects the rights of consumers in India. It covers issues such as product quality, pricing, and service standards.

​

• Motor Vehicles Act: The Motor Vehicles Act is a law that regulates the use of motor vehicles in India. It covers issues such as licensing, registration, insurance, and road safety.

​

• Right to Information Act (RTI): The RTI Act provides individuals with the right to access information from public authorities. It enables citizens to seek information about the functioning of government departments, public services, and expenditure of public funds.

​

• Income Tax Act: HNIs in India are subject to the provisions of the Income Tax Act. They are required to pay taxes on their income, including salary, capital gains, dividends, and other sources. The income tax rates applicable to HNIs are generally higher compared to those for individuals with lower income levels.

​

SANGHAVI & PARTNERS ADVANTAGE

With a strong focus on client-centric solutions, the firm offers expert advice and guidance across a wide range of legal areas, ensuring that clients' rights and interests are protected. Sanghavi & Partners brings experience and knowledge to address the unique legal needs of individuals and HNIs in India's complex legal landscape in the following areas:

​

• Wealth and Estate Planning: Sanghavi & Partners assists HNIs in developing robust wealth and estate plans. The firm provides guidance on wills, trusts, tax planning (through CA's), succession planning, ensuring the smooth transfer of assets to desired beneficiaries while minimizing tax implications.

​

• Taxation and Compliance: Recognizing the complex tax obligations of HNIs, Sanghavi & Partners offers through its expert’s, tax planning services. The firm assists clients in navigating the intricacies of the Income Tax Act, ensuring compliance, resolving tax disputes, and optimizing tax strategies.

​

• Real Estate and Property Matters: Sanghavi & Partners provides comprehensive legal support in real estate transactions. The firm assists individuals and HNIs in property acquisitions, due diligence, lease agreements, land acquisitions, and resolving property disputes, ensuring a seamless and secure process.

​

• Business and Corporate Law: With a deep understanding of corporate laws in India, Sanghavi & Partners offers invaluable guidance to HNIs involved in business activities. The firm advises on business formation, corporate governance, regulatory compliance, contract drafting, private equity and venture capital, empowering clients to navigate the complex legalities of corporate affairs.

​

• Litigation and Dispute Resolution: Sanghavi & Partners boasts a proficient network of litigators skilled in handling diverse legal disputes. The firm represents individuals and HNIs in civil, criminal, and commercial litigation, employing strategic approaches such as negotiation, mediation, arbitration, and litigation to protect clients' rights and interests.