Inheritance of fathers business on his expiry
This query is : Open
16 August 2013
I have few queries.
1) Proprietor expired in the middle of a F.Y. The business of the proprietor was inherited by his son. Father was not maintaining any records relating to stocks of the business.The closing stock at the end of the year was to be on the basis of proprietor and it is not practicable to physically count the stock on the day of his expiry. how to calculate the value of stock on the day of his fathers expiry?
2) If in the above situation father had 4 son's, 3 of them do not want any share of the business and wanted to give their share to the 4th son, what can be done in that situation? can they make a MOU to extinguish their rights in the business?
3) How the return is to be filed of the father as well as the son who inherited the business?
1) Proprietor expired in the middle of a F.Y. The business of the proprietor was inherited by his son. Father was not maintaining any records relating to stocks of the business.The closing stock at the end of the year was to be on the basis of proprietor and it is not practicable to physically count the stock on the day of his expiry. how to calculate the value of stock on the day of his fathers expiry?
2) If in the above situation father had 4 son's, 3 of them do not want any share of the business and wanted to give their share to the 4th son, what can be done in that situation? can they make a MOU to extinguish their rights in the business?
3) How the return is to be filed of the father as well as the son who inherited the business?
18 August 2013
Aheir to a deceased person can apply for change in the name of owner to the registeringauthority and continue the business as usual. Along with the application an MOU among the brothers also can be attached to avoid any future problems.No need to worry about stock evaluation in the middle of the year.Returns also can be filed as their father was doing .....mjk
28 December 2014
Father's return has to be filled by his legal heir in case of death of the father. for which death certificte and certificate of the legal heir has to be subitted to the income tax department While son should file his seperate return.
28 December 2014
Father's return has to be filled by his legal heir in case of death of the father. for which death certificate and certificate of the legal heir has to be submitted to the income tax department While son should file his separate return.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
