Dear All ,
I have few doubts , pls try to clarify. If you have any case laws then it will be highly appreciated.
Doubt 1 : In FY 2012-13 father of my client Mr.X passed away. Now due to his father's sudden death , his father has not prepared any will. There is around 5 lacs in his father's bank account. Now if this five lakhs rupees get transferred to My client's account as son , will it be taxable in my client's hand ? Do we have to prepare any documents ? What precaution i'll have to take while transferring such amount ?
DOubt 2 : What will be scenario if in above case her mother has joint account ?
Doubt 3 : Same client has taken certain loan from his father. As his father is no more , what treatment i have to give for such loan ? Will it be considered as Income ? Can we show that as such amount trfd to his mother as part of legal heir?
Thanks a lot in advance.
CAclubindia
