Claiming money after the death of a mutual-fund investor?

How can a nominee claim the money invested in a mutual fund in case something happens to the account holder?
- Avijit

The nominee would need to fill up a transmission request form, which is available with the fund house. Along with this form, the nominee will have to submit some documents, like the death certificate of the original account holder, the bank account details, a canceled cheque of the nominee, and so on. Upon completing these formalities, the ownership of the units will transfer to the nominee and then he'll be free to decide whether he wants to remain invested or redeem and get the money. And if he decides to redeem the units, the original holding period of the original account holder would also be considered to calculate the capital-gain tax liability.

This article was originally published on March 29, 2021.