Rohit Tulshyan (RTProfessionals) (333 Points)
17 May 2011Suppose their are no books or returns of a senior citizen(female) and her husband. Both of them are no more. But she has her properties. Is it allowed for their heirs to show their parents' property in their book and to what extent. Do they need ant special records in absence of will if the heirs decide to distribut with mutual consent.
Thank you.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 17 May 2011
unless there is any transaction for or in relation to the property of inheritence, no need to show these, but if any trasaction appears, viz recept of rent, capital gain by way of sale, then they have to declare the property under the 1981 fair value basis, but no need to add the same in balance shet asset.
balance sheet asset is for self generated values.
Rohit Tulshyan
(RTProfessionals)
(333 Points)
Replied 23 May 2011
and suppose they have distributed gold and assessing officer doesnot agree to it that what should be done.
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