Ram proprietor of ABCD Firm dies on 17/08/2019. After Ram's death his son Sonu became the proprietor of ABCD Firm by inheritance from 18/08/2019. All the assets and liabilities of Ram is transferred to Sonu.
Now Sonu will file Ram's Income Tax Return as legal representative.
Now my question is that whether in Ram's return nil balance sheet will be file as all the assets and liabilities of Ram was transferred to Sonu on 18/06/2019 and there was no assets and liabilities as on 31/03/20
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 17 March 2021
Ram's return should be filed by his legal heir and upto the date of his death
Amit Jain
(Proprietor )
(538 Points)
Replied 17 March 2021
Whether we have to file Nil Balance Sheet or put figure as per Balance Sheet as on 17/08/2019
Kapadia Pravin
(17264 Points)
Replied 17 March 2021
Ram's return upto date of death. BS as on date of death.
CA HARSHITA AGARWAL
(FCA)
(71 Points)
Replied 17 March 2021
Yes firstly Ram's son need to register himself as as legal heir on income tax portal. Then he shall file the ITR of Mr. Ram with balance sheet as on date of inheritance. Also you need to work after as for FY 2019-20 there will be no option to file return after 31st march 2021 in normal course.
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