How can you transfer assets from nominee to legal heir?

What is the process of transferring the money (FD and mutual fund units) received in 2021 by a nominee to the actual legal heirs and tax implications for both of them. - Anonymous Nomination is merely a legal provision for establishing a custodian of the property/asset in the event of demise of the owner of the property. The nominee may or may not be the legal heir to the assets. They are merely caretakers/custodians of the assets until the legal heir is established, post which assets are transferred to the legal heirs. Legal heirs are established by either a will or the Succession A

This article was originally published on January 16, 2023.