procedure if propritor die

Querist : Anonymous (Querist) 30 March 2010 This query is : Resolved
G M Sir..My client had proprietorship firm he was die before one month..He has one major son.. What changes i have to make in 1)Guj Vat Deptt and 2)IT deptt..

Thanks in Advance..

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Raj Kumar Makkad (Expert) 30 March 2010
Inform both the relevant offices about the happening along-with death certificate and fill the required form for change of proprietor.

Querist : Anonymous (Querist) 30 March 2010
thank u sir.a have one more confusion i e.Can i c/f all capital balance to new propietor a/c and what about remaining balance sheet data..

Vineet (Expert) 30 March 2010
As far as Income Tax is concerned, intimate the AO regarding death of the propreitor. Income Tax is assessed on entire income of the deceased including income from propreitorship business. The income can continue to be assessed as estate of the deceased till the succession issue is decided. Thereafter for IT purpose, the income from this business shall be included in the hands of legal heir succeeding the business.

Querist : Anonymous (Querist) 30 March 2010
thank u vineet sir..thankx

Kumar Thadhani (Expert) 03 April 2010
You can file Return of Income as legal reprsentative of the deceased till the succession has decided.Thereafter the legal heirs are reponsible for their share of income or assets distributed to them.

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