Change in partnership deed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2015 Dear Sir/Madam,

I want your help in the following matter:
There is one unregistered partnership firm in which 10 partners are there. Out of those 10 partners, one partner has died recently and remaining partners will be continuing the business in the same manner. What will be the consequence of this death on the partnership deed and from income tax point of view. I mean
1)Do we need to make a fresh deed??
2)Do we need to notify any authority?
3)How the IT Return of Deceased Partner and his successors will be filled for the year of death and thereafter?

Thanks in Advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 March 2015 If the existing deed has a class to the effect of continuation of partnership on the death of a partner no need for fresh deed.
In case of no such class fresh deed is to be executed.
IT return of Deceased partner has to be filed by legal heir.
Thereafter legal heir has to file the return in his name.
No need to notify any authority.

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