I have some queries relating to death of proprietor.
Proprietor dies in the month of December and given his power of attorney to elder son.
1) From January onwards Elder son carries out the business in his name. whether the income of Deceased Proprietor(DP) from Apr to Dec is clubbed with the income of Elder son.
2) what is procedure for transfer of assets from the business say there are three sons to the DP.
3) Power of Attorney given to Elder son by DP whether he is owner of the business or not if not what is the procedure.
02 February 2013
Power of attorney gets nullified as soon as the DP died the assets will be shared among legal heirs the proprietor firm is dissolved and the son has to start a new firm
Querist :
Anonymous
Querist :
Anonymous
(Querist)
02 February 2013
Thanks for ur valuable reply
Can you please let me know some reference or rules or Act
CAclubindia
