Mr X was a practicing CA and died on 25/10/2012 ,he has income from profession (IOP) and income from other source (IOS) as follows:
From 1/4/2012-25/10/2012
IOP- Rs. 80,000
IOS- Rs 2,00,000 (bk int + Int on Fd)
After 25/10/2012 to 31/32013
IOS -Rs.2,00,000 (BK INT + FD INT)
FD and bank account jointly in name of CA and his wife and hav no childreens.
Querry:
1)Whther income after 25/10/2012 should be accounted as income of CA or his wife? (For accounting purpose)
2)CA should pay tax on what income and what income should be shown for his wife? (For income tax purpose)
Please ans on basis of any case law/ provsion or rules of Income tax act as a basis for ur opinion.
Please ans as soon as possible.
Thank you.
CAclubindia
