Transfer of assets
hetalsangoi
(Querist) 17 October 2013
This query is : Resolved
How many years are reasonable to file the Income Tax return on the name of the deceased after his 1 year death? In his family, there is his wife and son and family. Shares and Loan & Advances are the only asset for which is deceased is the owner. How to transfer the assets to his wife and son? What documents are require as supporting from the point of I.T view?
Devajyoti Barman
(Expert) 17 October 2013
No IT Return is required to be filed on behalf of a dead person.
His assets get automatically devolved upon his legal heirs who for a proof may apply for Succession Certificate.
Rajendra K Goyal
(Expert) 21 October 2013
Agree with the expert, no return required to be filed in case of a deceased person.
malipeddi jaggarao
(Expert) 22 October 2013
Yes, No return need to be filed in the name of dead person. You should obtain the death certificate and legal heir certificate. All the legal heirs together can request the concerned company to transfer the shares. The Company will send the specific forms for transferring the shares in the name of legal heirs. Execute them and send back to the company. As regards loans and advances, all you can send a notice to the debtor that you are the legal heirs and entitled the money that was borrowed by them.
