Legal formalities in transfer of proprietorship on death
Surabhi
(Querist) 06 December 2017
This query is : Open
Hello, can you please let me know what are the legal formalities to transfer the ownership of proprietorship firm to legal hires on death of sole proprietor. Can legal hire file the income tax return of the firm in there name in between the time period of death and transfer of ownership of the firm.
kavksatyanarayana
(Expert) 06 December 2017
Are you asking about propritory concern or Firm concern? the two are separately governed by sepate Acts.
Surabhi
(Querist) 07 December 2017
I am asking about propritory concern. Actually my father was the propritor of it (it has only FD's in its name who's interest are transfered quarterly to the account which is in the name of the propritory concern linked to my father's PAN) my mother had power of attorney so she could withdraw the interest of FD from the account. But now since it's mandatory to link aadhar with bank accounts (my father aadhar card is not there) how can we change the name of propritor in bank so that my mother's Pan and aadhar card can be linked to the proprietary concern and she can have access to the interest from FD's. Or is there any other way for this.
Thank you for your help. Regards
Surabhi
(Querist) 09 December 2017
Can someone please advise
