This is repeat query for further clarification.
It is suggested that there's no need to open a demate account in the name of deceased who died on 3/1/1996 without any Will and held shares in different cos in physical form as at that time Demate facility was not available.
His legal heirs have obtained LoA in 2022 and there are 3 Administrators. These administrators have a demate account and savings account in their names.
The confusion is:
A) If there is need to open a demate account in the name of the deceased for converting physical shares in demate form or
B) Is it possible to apply and get the shares in physical form transmitted in demate form to the joint demate account of the 3 Administrators?
C) What will be incometax liabilities and consequences as shares received will again be transmitted amongst 8 legal heirs including 3 Administrators.
Kindly do clarify and help in resolving the critical issue mentioned herein above.
TIA
CAclubindia
