Safeguarding Property Rights of Senior Citizens

We have often seen parents transferring their property rights to their children or other kith and kin to convey their love and blind faith in them, to avoid animosity amongst them while they are alive or to prevent inheritance disputes after their demise. Consequently, they become dependent on them willingly even for their basic amenities and needs. It is not uncommon for children to stop looking after their parents and sometimes go to the extremes of not providing even decent living to them or even ill-treating them.

Most such senior citizens are unaware of their legal rights, that they can reclaim the property transferred to their children and to seek removal or eviction of their children or relatives from their property under the ‘Maintenance and Welfare of Parents & Senior Citizens Act 2007’. The provisions of this act are wide-sweeping in the spirit of ‘The obligation of the children or relative, as the case may be, to maintain a senior citizen extends to the needs of such citizen so that senior citizen may lead a normal life’. It also has provisions for a maintenance allowance to be given by the children or specified relative in case the senior citizen is unable to maintain himself/herself, and this provision is enforceable by a Maintenance Tribunal set up for the purpose.

Senior citizens who are planning on gifting property to their child should preferably consider giving it in their Will so that the transfer takes place after their death. but if they are, for some reason, wish to do it earlier, should consider including an express condition in the gift/transfer deed that the child will maintain them till they are alive. If the child violates this condition, then the parent can approach the Maintenance Tribunal to declare the gift void and return the property back to the senior citizen.

Although this Senior Citizens Act does not specifically mention eviction/removal from property, Indian courts, including the Supreme Court, have allowed eviction/removal of children or relatives from property in the past in cases of harassment or non-maintenance. Courts have also ordered the removal of children from their parents’ homes when children have harassed their parents to transfer property to them on the ground that they are the legal heirs in future.

(Contributed By Manish Kumar, Relationship Manager, Team Vikrant, Hum Fauji Initiatives)

Digging your Way Out of Uncontrollable Debt

Taking loans (कर्ज़) to fulfill needs and desire is a part of western culture but now it become common in India as well. Due to its widespread proliferation, people are gradually forgetting the difference between good debt and bad debt. They consume goods and services which are not really required for the sake of ‘maintaining a status’ and keeping up with their society peers. Obviously, it cannot last for long. Sooner than later comes the time to finally clean up your balance sheet by paying off whatever is due and starting to live below your means.

But understand that such an act entails more than just paying off credit cards. It entails altering your spending pattern, learning how to budget, tracking your expenses, prioritizing debts, and setting aside funds for emergencies and retirement.

  • Budgeting – Creating a regular budget and following it can no longer be avoided. It immensely helps individuals to notice their expenditure behaviours and eliminate those expenses which are entirely avoidable.
  • Follow the Hierarchy – All debts are not created equal. You’ll need to create a debt hierarchy and a suitable plan of attack. We advise focusing on the high-interest debt first, and then liquidate the low-interest ones.
  • Get the Financial Doctor’s Help – If you think that your debt disease is serious, to the extent of being incurable, look for an advisor. He will assist you in resolving your issue, creating a realistic budget, and determining which debt-relief solution is right for you.

The above plan helps you come back to a normal life. Learn your lessons from it. Getting out of debt, saving for retirement and personal expenses, and staying out of future debt is the only way to build a solid financial future for yourself and your loved ones. 

Watch out a recent Money Guru show on Good and Bad Debt, where our CEO Col Sanjeev Govila spoke about the considerations you must keep in mind while going for a loan process.

(Contributed by Aman Goyal, Associate Financial Planner, Team Prithvi, Hum Fauji Initiatives)

We All Need Somebody out there to Listen to us and Understand us

We all have hundreds and thousands of friends on social media like Facebook and Instagram but we still look for happiness. Covid-19 gave a huge fillip to the digital businesses. Amazon Prime and Netflix became a substitute for cinema halls. Amazon and Flipkart became everybody’s choice for all kinds of shopping. Byju’s, Vedantu, Practo, Paytm etc flourished in their respective domains.

Everybody thought that we were back to normal with new substitutes with a changed and improved life.

But the fact remains the same that we all are social animals and there can never be any alternative to personal physical connects. The algorithm based robotic lifestyle could provide temporary ease or happiness but ultimately all of us long for physical and voice contact with real human beings. A handshake, ‘jaadoo ki jhappi’ by the bestie, a pat on the back will never have any substitute.

Relationships are the core of our life and trust is their foundation.

Somebody might think that relationships are restricted to friends and family members only. But the fact is that in each and every transaction, a relationship is built between the parties involved. Subsequent transactions are more a result of relationships created rather than just a product or service requirement. It could be a newspaper vendor, vegetable vendor, doctor, CA, or a financial advisor.

And these relationships based on trust and personal connect will continue to exist forever irrespective of tech advancements.

(Contributed by Jatin Uppal, Deputy Manager, Hum Fauji Initiatives)


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