20 June 2010
sir, proprietoship business received through inheritance (vasiyatnama) from his father to son in occurance to death of father, what consequenses will occured in income tax act due to this event
22 June 2010
NO IMMEDIATE CONSEQUENCY. SON WILL DO BUSINESS AND SHALL PAY THE TAX ON INCOME ERNED AFTER THE DEATH OF FATHER IN THE STATUS AS PER WILL. HE WILL ALSO SUBMIT THE RETURN OF HIS FATHER UPTO THE PERIOD OF DEATH IN L/R CAPACITY AND WILL PAY TAX ACCORIDINGLY.
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