Death of proprietor

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2013
Dear Experts

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.

Tareq Imam

Tareq Imam (Expert)
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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

Thanks in Advance

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