Section 367 of ISA : Section 367: Transfer Of Assets From India To Executor Or Administrator In Country Of Domicile For Distribution

Explanation using Example

An example of Section 367 of The Indian Succession Act, 1925, could be as follows:

Imagine a British citizen, Mr. John Smith, who was domiciled in the UK but had investments and property in India. Mr. Smith passes away, and he has left a will that is to be executed. His estate includes assets both in India and the UK. In India, the court grants probate to the executor named in Mr. Smith's will to manage his Indian assets. Simultaneously, an executor is appointed in the UK to handle the assets there as per the UK laws.

After settling all known debts and obligations in India as per the notice period mentioned in Section 360, the Indian executor realizes there is a surplus of the estate that needs to be distributed to beneficiaries who reside in the UK. Instead of distributing the surplus directly to the international beneficiaries, the Indian executor, with the consent of the UK executor, decides to transfer the remaining assets to the UK executor. The UK executor will then be responsible for distributing the assets to the beneficiaries according to Mr. Smith's will and the laws of his domicile, the UK.