Profit of share in one of the deceased partner in business
Shashank Mehta
(Querist) 04 February 2014
This query is : Resolved
Dear Sir,
I am one of the legal heir in a partnership firm. The partnership firm consists of 4 partners i.e. A, B, C & D. Partner B expired in 1993. I am daughter of partner B.
Now partner B have in all 3 legal heirs, out of which 1 of the legal heir named X is involved in the business by mutual understanding between the other 3 partners. Till now the partnership deed of the firm is in the existing circumstances without any addition/omission.
The share of profit of partner B in the firm is wholly taken by X and also X became an Associate Member in firm without informing other legal heirs of partner B.
As one of the legal heir can I ask for the share of profit of partner B from the date partner B expired? Should the share of profit of partner B be divided among all the legal heirs of partner B?
If yes, from where can I get the records of Income Tax returns filed for past 20 years so I can fight for my share of profit accordingly?
Does partnership firm covered under RTI act? Can I ask Income Tax department to provide me the Income Tax return submitted by the firm as I am one of the legal heir?
I would be very thankful for all your advices.
Devajyoti Barman
(Expert) 04 February 2014
Query is repeated.
It is already replied , hence no more reply.
Dr J C Vashista
(Expert) 05 February 2014
Query is repeated. It is already replied
Shashank Mehta
(Querist) 05 February 2014
Dear Sir,
My previous query was regarding share in the shop/property at the time of selling.
I am really satisfied with your answers and I am very thankful to you.
But now I just want to know if we can also claim the share of profit in business of past 20 years?
I would really appreciate your help.
Shashank Mehta
(Querist) 05 February 2014
I am really sorry for posting this query twice, actually first I thought to post it under Property Law but then I thought it would come under Civil Law so posted again.
Sorry sir..
Rajendra K Goyal
(Expert) 05 February 2014
It is doubtful you will get any profit.
T. Kalaiselvan, Advocate
(Expert) 06 February 2014
Even I have a similar opinion of Mr. Goyal on the subject. Consult a local auditor and move further.
