capital transfer to partner's capital account
Querist :
Anonymous
(Querist) 21 April 2010
This query is : Resolved
MY FATHER PASSED AWAY ON 2.09.2005. WE WERE PARTNERS IN THE FIRM. HIS WILL IS REGISTERED IN MY FAVOUR. OUR C.A. CALCULATED INTEREST OF MY FATHER’S CAPITAL TILL 1.09.2005 AND SUGGESTED US TO MAKE ACCOUNTING ENTRY ON 2.09.2005. I TRANSFERRED HIS CAPITAL AMOUNT TO MY CAPITAL ACCOUNT ON THE SAME DAY OF DEATH. OUR CA MAINTAINED MY FATHER’S ACCOUNT AND PUT THIS ENTRY ON 2.09.2005.
IS THIS LEGAL???
Raj Kumar Makkad
(Expert) 22 April 2010
It was better for you to get the will probated prior to transfer of capital of your father in your account on the same day of his death.
Querist :
Anonymous
(Querist) 24 April 2010
yes, my father has executed his last valid Will Dated 11/09/2001 registered vide Wasika No. 570 duly registered with Sub Registrar, Ludhiana and bequeathed his entire estate to the me hence becoming sole owner of the entire estate.
is it legal now???
Querist :
Anonymous
(Querist) 24 April 2010
yes, my father has executed his last valid Will Dated 11/09/2001 registered vide Wasika No. 570 duly registered with Sub Registrar, Ludhiana and bequeathed his entire estate to me hence becoming sole owner of the entire estate.
is it legal now???
Querist :
Anonymous
(Querist) 02 May 2010
I WAS ADOPTED IN 1963 WHEN I WAS 6 MONTHS OLD. IT WAS NOT LEGAL ADOPTION. BUT IN ALL MY SCHOOL AND COLLEGE CERTIFICATES,PAN CARD,VOTERS CARD,PASSPORT,BANK ACCOUNT,PARTNERSHIP DEEDS AND ALL OTHER LEGAL DOCUMENTS MY ADOPTED FATHER'S NAME IS MENSIONED AS MY FATHER. MY FATHER PASSED AWAY IN THE YEAR 2005. HE ALSO REGISTERED HIS LAST VALID WILL IN MY FAVOUR AND ADDRESSED ME AS HIS SON. IS THIS SUFFICIENT TO PROVE THAT I AM HIS ADOPTED SON??
