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Urgent Query - PAN card

Radhika (Consultant) (320 Points)

06 April 2011

Dear all,

Court, by means of an order, has granted probate of will of Late Mr. X to Mr. Y. Now, Mr. Y already has an individual PAN card. But for financial transactions relating to the will, does he need to quote a separate PAN card? If so how to obtain it and what will be the entity of Mr. Y w.r.t PAN card rules?

Learned members who had come across with similar situations/ know of the same are requested to share their knowledge ASAP. It is very urgent!

Thanks & Regards,

Radhika

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7 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 06 April 2011

if Y is executor by court then the pan of late X would be used untill the property gets transferred.

if Y is the receipent of property or financial aspects then all transactions will be shifted to Y pan card

in all cases the TDS can be set off but not to get refunded,

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MD (AAA) (117 Points)
Replied 06 April 2011

Mr. Y will be termed as an executor who will administer the estate of deceased.

Being an executor Mr. Y will be treated as a legal representative – Estate of Late Rangalal Jajodia v. CIT (1971) 79 ITR 505 (SC).

Mr. Y can use Mr. X PAN.

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Radhika (Consultant) (320 Points)
Replied 06 April 2011

Hi,

Thank you very much for the response. However, Mr. X do not possess a PAN card and there are other beneficiaries to Mr. X's estate. In such a case, how can we proceed further? whose PAN card can be used?

MD (AAA) (117 Points)
Replied 07 April 2011

Mr. Y will have to apply for PAN in the name of ‘Estate of Deceased Mr. X’ in the status of Artificial Juridical Person having Mr. Y as Representative assessee.

Separate assessment shall be made on the total income of each completed previous year or part thereof as is included in the period from the date of death to the date of complete distribution to the beneficiaries of the estate according to their several interests.

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Radhika (Consultant) (320 Points)
Replied 07 April 2011

@ MD: Thank you very much sir for the support and clarification given.

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RINKIE (artcicle) (21 Points)
Replied 28 April 2011

sir a company which is registered with roc of kolkata ahving it office in jabalpur madhya pradesh also,can apply for pan card with teh address of jabalpur office???what docuement it should submit for address proof/?