13 September 2016
My client is a proprietor of a trading concern having annual profit of about Rs.20 lacs. Recently he had a heart attack. Now he is asking me how he should plan so that in his absence his wife can handle. Whether to take her in a partnership ? Please advise him particularly in view of income tax.
14 September 2016
To start with, he can make Power of Attorney. Take a judgement for few months ...may be a year or so.... If it works well, he can continue with the same arrangement....
CAclubindia
