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How to show legal heir property in balance sheet


BISHNUDEB Halder   29 October 2019

BISHNUDEB Halder

 1 points

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My Client is facing the following situation:

He is currently staying in west Bengal from 20 years. He wants to bring into his books (i.e Balance Sheet) land & building owned by his deceased father. His father had died 20 years ago. His father in his will has stated that "all his belongings will belong to his son after death". No particular property or item is mention in that will. This property is in Rajasthan and was owned by his father and forefathers. How should the assesse bring this property into his own books. What is the legal way and the best way.

Please provide all the details step-wise... i.e. whether to make a will, whether to get the property registered on his own name etc. etc..

Please help very urgent...!!

avater

CA Dhruva Kalamanji (Chartered Accountant )     29 October 2019

CA Dhruva Kalamanji
Chartered Accountant  
 86 likes  1840 points

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Dear halder

Firstly he has to register propert in his name. meaning he has to exercise the will. disclosure in balance sheet fixed asset and capital account should be credited.

for most and important he has to register


Thank you
You can also write to meĀ  at sthayin @ gmail for further assistance

avater

Kapadia Pravin   29 October 2019

Kapadia Pravin

 864 likes  13490 points

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Pending registration of Property, you can go ahead and show in the Balance Sheet as under fixed Asset and crediting Capital account.

The registration of property in your name is advisable in your own interest.

This you can easily do based on the will of your father.

Hope your father was holding property duly registered in his name


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