|
Mr. X is proprietor of a trading firm and Mr. Y is the manager of the whole business of the firm,X is just proprietor for filing of returns.Now Mr X has died but during his lifetime there was oral agreement between Mr.X and Mr.Y that after death of Mr.X Mr.Y will become the proprietor and all assets and liabilities of business will be transferred to Mr.Y and this fact is known to all the family members of Mr.X and they agree to it but there is nothing in written.Now What is the procedure for doing the same and are there any tax implications? Mr.Y is the nephew of Mr.X. I shall be thankful and obliged to the experts for reply of this query. Please reply at an earliest as the return of march 2014 is to be filed. THANKYOU. |
