Estate planning is rapidly emerging as one of the most critical areas of professional practice for Chartered Accountants in India. Amit Tungare, Founder of Asahi Legal, recently conducted a session as part of the ICAI Certificate Course on Estate Planning, organised by the Institute of Chartered Accountants of India (ICAI). The session was designed to equip ICAI members with practical knowledge of succession planning, wills, trusts, and wealth transfer strategies that are essential for advising clients in today’s complex financial landscape.
Why Estate Planning Matters for Chartered Accountants
Chartered Accountants are among the most trusted financial advisors in India. Clients routinely turn to them for guidance on tax planning, investment structuring, and business succession. Yet estate planning — the process of arranging for the orderly transfer of wealth and assets upon death or incapacitation — remains an area where many professionals lack formal training.
Without a proper estate plan, families face prolonged probate proceedings, disputes over inheritance, and unintended tax consequences. For high-net-worth individuals, business owners, and joint Hindu Undivided Families (HUFs), the stakes are even higher. A well-drafted estate plan can preserve family harmony, protect business continuity, and ensure that wealth passes to the intended beneficiaries with minimal friction.
Key Topics Covered in the ICAI Session
The session conducted by Amit covered a comprehensive range of estate planning topics tailored to the needs of practicing Chartered Accountants. Key areas of discussion included:
Wills and Testamentary Succession — Drafting enforceable wills under the Indian Succession Act, common pitfalls, and the importance of registration.
Trusts as Estate Planning Tools — How private trusts and family trusts can be structured for wealth protection, tax efficiency, and intergenerational transfer.
HUF and Family Settlement Agreements — Navigating the unique challenges of Hindu Undivided Family property, partition deeds, and family settlement arrangements.
Succession Planning for Business Owners — Ensuring smooth leadership transitions and protecting business assets through buy-sell agreements and corporate succession frameworks.
Probate and Administration — Understanding the probate process in India, letters of administration, and when probate is mandatory.
Wealth Transfer and Inheritance Tax Considerations — Structuring transfers to minimise future tax exposure and comply with evolving regulatory frameworks.
The Role of Chartered Accountants in Estate Planning
Chartered Accountants occupy a unique position at the intersection of finance, taxation, and legal compliance. With the ICAI now offering a dedicated Certificate Course on Estate Planning, the profession is formally recognising the importance of this practice area.
CAs who develop expertise in estate planning can offer holistic advisory services — helping clients not only manage their wealth during their lifetime but also plan for its orderly succession. This includes advising on the interplay between income tax provisions, capital gains implications of inherited assets, and the structuring of trusts and family settlements.
Estate Planning for Families and Individuals
Estate planning is not only for the wealthy. Every individual with assets — whether a residential property, bank deposits, mutual fund investments, or a family business — benefits from having a clear succession plan in place. The session emphasised that early planning avoids costly disputes and ensures that the wishes of the asset holder are honoured.
Common instruments discussed included simple wills, revocable and irrevocable trusts, powers of attorney, and nomination structures across financial products.
The Legal Framework for Estate Planning in India
India does not have a comprehensive estate planning statute comparable to the laws found in jurisdictions like the United States or the United Kingdom. Instead, the legal framework for estate planning in India is drawn from multiple sources, each governing different aspects of property succession, wealth transfer, and family arrangements.
The Indian Succession Act, 1925 governs testamentary succession for Christians, Parsis, and those who choose to be governed by its provisions. For Hindus, Buddhists, Jains, and Sikhs, succession is governed by the Hindu Succession Act, 1956 (as amended in 2005), which introduced significant changes including equal coparcenary rights for daughters in ancestral property. Muslim succession follows the principles of personal law, which vary between Sunni and Shia schools and differ significantly from the codified Hindu law provisions.
The Indian Trusts Act, 1882 provides the framework for creating private trusts, which are increasingly used as estate planning vehicles for wealth preservation and intergenerational transfer. The Registration Act, 1908 mandates the registration of certain instruments including gift deeds, partition deeds, and trust deeds relating to immovable property. Understanding these intersecting legislations is essential for any professional advising clients on estate planning.
For Chartered Accountants, the tax implications of estate planning instruments are particularly relevant. The Income Tax Act, 1961 contains specific provisions governing the taxation of gifts (Section 56(2)(x)), income from trusts (Sections 60 to 64), and capital gains on transfer of assets including through succession (Section 49). A well-structured estate plan can legitimately minimise the tax burden on both the estate holder during their lifetime and the beneficiaries after succession.
Why CAs Are Best Positioned to Lead Estate Planning
The ICAI Certificate Course recognises that Chartered Accountants possess a unique combination of competencies that make them ideally suited for estate planning advisory. Unlike lawyers who focus primarily on the legal documentation, or financial planners who concentrate on investment products, CAs understand the complete picture of a client’s financial life, including their tax returns, business structures, investment portfolios, insurance coverage, and family financial arrangements.
A CA who offers estate planning services can provide integrated advice that considers the income tax implications of wealth transfer, the GST impact on business succession, the stamp duty and registration costs of various instruments, and the long-term financial sustainability of the proposed estate plan. This holistic perspective is exactly what high-net-worth families and business owners need when planning for the orderly transfer of their wealth.
The course also addressed the growing demand for estate planning services in India. With the country’s wealth rapidly increasing and the first generation of post-liberalisation entrepreneurs reaching retirement age, the need for professional estate planning advice has never been greater. The ICAI estimates that over Rs. 100 lakh crore in assets will change hands through succession over the next two decades, creating an enormous opportunity for CAs who develop expertise in this area.
Digital Assets and Modern Estate Planning Challenges
One of the most forward-looking topics covered in Amit’s session was the challenge of incorporating digital assets into estate plans. As more wealth is held in digital form, including cryptocurrency wallets, digital payment accounts, online trading accounts, and cloud-stored intellectual property, traditional estate planning instruments need to be updated to address these assets specifically.
The legal treatment of cryptocurrency in India remains evolving. While the Finance Act, 2022 introduced a specific tax regime for virtual digital assets under Section 115BBH, the regulatory framework for succession and transfer of these assets is still developing. CAs advising clients with significant digital asset holdings need to ensure that access credentials, private keys, and recovery phrases are securely documented and accessible to designated nominees or executors.
Social media accounts, domain names, online businesses, and digital content libraries also represent economic value that should be addressed in a comprehensive estate plan. The session highlighted the importance of creating a digital asset inventory as part of the estate planning process and ensuring that the Will or trust instrument specifically addresses the treatment of these assets.
Cross-Border Estate Planning Considerations
With increasing globalisation and the growing number of Indian families with assets and family members across multiple jurisdictions, cross-border estate planning has become a critical area of practice. Amit’s session explored the complexities that arise when an Indian resident holds assets in foreign countries, or when Non-Resident Indians (NRIs) hold assets in India.
The Foreign Exchange Management Act, 1999 (FEMA) imposes specific restrictions on the transfer of assets between residents and non-residents. For example, a resident Indian who inherits foreign assets must comply with FEMA regulations regarding the repatriation or retention of those assets. Similarly, an NRI who inherits Indian property must navigate the provisions of FEMA read with the Income Tax Act to determine their tax obligations and repatriation rights.
Double Taxation Avoidance Agreements (DTAAs) between India and various countries play a crucial role in cross-border estate planning, particularly in determining which jurisdiction has the right to tax inheritance or capital gains arising from succession. CAs with expertise in international taxation are uniquely positioned to advise clients on structuring their estate plans to minimise the overall global tax burden while complying with the laws of all relevant jurisdictions.
The session concluded with practical guidance on building an estate planning practice, including client acquisition strategies, documentation templates, fee structures, and the importance of continuing professional development in this rapidly evolving field.
About Asahi Legal
Asahi Legal is a specialised legal practice focused on estate planning, succession advisory, and wealth transfer solutions for families, business owners, and professionals across India. Led by Amit Tungare, the firm works closely with Chartered Accountants, financial advisors, and families to create comprehensive estate plans tailored to each client’s unique circumstances.
Get in Touch
If you are a Chartered Accountant looking to expand your estate planning practice, or an individual seeking professional guidance on wills, trusts, or succession planning, Asahi Legal can help. Contact us today to schedule a consultation and take the first step toward securing your family’s financial future.
Author: Amit | Asahi Legal
This article is for general information only and is not legal advice or an invitation to engage the firm. Laws and judgments change; please obtain specific legal advice before acting.
