{
  "id": 19606625,
  "title": "Couples think beyond tax savings of joint assets",
  "url": "https://urgent.news/2026/11/12/couples-think-beyond-tax-savings-of-joint-assets",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-12T05:27:22.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/wealth/tax/jointly-owning-property-to-save-tax-why-married-couples-must-also-plan-for-ownership-and-inheritance/articleshow/135756525.cms"
  },
  "original_language": "en",
  "account": "At the ET Wealth Expo 2026, financial experts agreed that couples should consider more than just income tax savings when it comes to jointly owned assets. Aditi Sharma, a partner at Khaitan & Co, emphasized the importance of protecting these assets and ensuring they remain accessible to both partners in various scenarios, such as death, divorce, or disability.\n\nSharma stressed that married couples must create jointly owned assets and a continuity plan, which would allow the surviving partner to continue accessing the joint assets in case of one partner's demise. She warned that if assets are held by only one spouse, delays could occur in accessing them during incapacity or sudden death.\n\nUpdating nominees in financial accounts was also highlighted as crucial. Hiten Shah, a tax partner at EY India, explained that if a married couple jointly purchases an asset like a property, it is essential to clearly delineate the source of funding. This can help avoid future tax disputes and provide a record of contribution and ownership percentage, which may become necessary in case of personal disputes later on.\n\nAditi Sharma further clarified that a nominee is essentially a custodian of an asset, entrusted with the task of facilitating access to the asset for the legal heir upon the original owner's demise. The Supreme Court has ruled that the legal heir is the true owner of the asset, while the nominee serves as a gatekeeper. For instance, if a bank account is held jointly, with one person as the nominee, the nominee gains access to the account post the other's death, but the legal owner remains the individual named in the Will.\n\nSharma emphasized the importance of drafting a clear Will that specifies the ownership of assets, as this can prevent discrepancies between the nominee and the legal heir. However, she noted that certain assets, such as life insurance, PF, and EPF, have specific laws regarding nominees and legal heirs. For other assets, the nominee remains a custodian, and the legal heir as per personal laws (such as Hindu, etc.) becomes the owner.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}