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Leading Landlords


wealthymatters

The approximately 3.6 million acres of land held in Maine, New Brunswick and Nova Scotia make the Irvings the largest landowners in those states and provinces.As heirs to the J.D. Irving Group of Companies fortune, the three Canadian brothers,James,Arthur and John, also inherited thousands of square miles of forest land that the company uses as paper and pulp materials in one part of their very diversified business portfolio. Read more of this post

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The Hindu Succession (Amendment) Act, 2005


wealthymattersThis Act was passed to address the inequalities in succession to agricultural land, Mitakshara joint family property, parental dwelling house and certain widow’s rights.

One of the most significant amendments in the Hindu Succession (Amendment) Act, 2005 is the deletion of the gender discriminatory Section 4 (2) of the 1956 HSA. Section 4(2) exempted from the purview of the HSA significant interests in agricultural land, the inheritance of which was subject to the devolution rules specified in State-level tenurial laws.In States where these laws were silent on inheritance, the HSA applied by default, as also where the tenurial laws explicitly mention the HSA. But, in Delhi, Haryana, Himachal Pradesh, Punjab, Jammu and Kashmir and Uttar Pradesh, the tenurial laws specified inheritance rules that were highly gender unequal. Primacy was given to male lineal descendants in the male line of descent and women came very low in the order of heirs.Also, women got only a limited estate and lost the land on remarriage.Moreover, in U.P. and Delhi, a “tenant” is defined so broadly that these inequalities effectively covered all agricultural land. U.P. alone has 1/6 of India’s population. This clause thus negatively affected innumerable women farmers.The 2005 Act brings all agricultural land on par with other property and makes Hindu women’s inheritance rights in land legally equal to men’s across States, overriding any inconsistent State laws. This can benefit millions of women dependent on agriculture for survival. Read more of this post

Savitri Jindal’s Assets


wealthymatters.comHave you ever wondered about the assets of the really wealthy?Personally I have always been interested in knowing just where wealthy people have their money.My take is that wealthy people didn’t get that way or don’t stay that way without knowing a thing or two about keeping and growing their money safely.That is why I was interested when I came across her statement, given before the returning officer, while filing her nomination papers in 2009 for the Haryana Legislative Assembly elections.

Savitri Jindal is India’s richest woman. She is the widow of the late O.P.Jindal.In her statement given before the returning officer,Savitri Jindal states that she has moveable property worth Rs 17.75 crore and immovable property worth Rs 25.94 crore.I think it’s interesting to see how much of her money she has in a liquid form.Compare this to our asset allocation.Most of us are bound to have most of our money stuck in our houses.A house is a necessity, but it makes sense to acquire one’s fortune and then splurge on fancy houses rather than try to become wealthy by sinking money in our homes.

Savitri Jindal does not own a car.I think this lady shows us women a way out of owning a depreciating asset-claim you don’t drive.Having a car at one’s disposal is good but owning it might not be so wise wealth-wise.Keep the luxury car purchases for after you reach the stage of acquiring luxury homes. Read more of this post

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