27 December 2015
A person died 10years back.He had four sons.After his death , they taxed his file under AOP as suggested by their CA.Is it correct?They have no other documents to support AOP. Now they found their father's will after 10years. 1)Was filing IT return as AOP correct.There is no common purpose for AOP.Only father's file converted to AOP by his sons.My answer is no.please suggest your answer with supporting. 2)Can the will be effected now after 10years? 3)If yes to second ans, can AOP be dissolved immediately and assets be transferred to individual? Please help to giv supporting because i dont have enough explanation to support my answer. Thanks.
29 December 2015
There is no logic in creating an AOP. . AOP can be formed when there are more than one executors of the Will. Still tax is levied at the rates applicable to Individuals. . The Estate of the deceased could have been assessed in the hands of legal representatives. . The will remains effective till it has not been executed. . The assets can be transferred to the respective Individuals.
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