CA. Tarun Ghia MALAD CHAMBER OF TAX CONSULTANTS ASSOCIATION OF PERSONS – BODY OF INDIVIDUALS – WILLS : LEGAL AND TAX ISSUES ON FEBURARY 13, 2010  Presentation by :  CA. TARUN GHIA   

CA. Tarun Ghia AOP – BOI MMeaning and distinction i. two or more persons ii. voluntarily come together iii. purpose : to produce income Impact of Explanation to sec. 2(31) w.e.f. A.Y JJoint Venture vs. AOP

CA. Tarun Ghia  Governing Law  Stamp duty & Registration  AOP vs BOI

CA. Tarun Ghia  Partnership vs. AOP / BOI  Exceptions to AOP/BOI  Associations formed for particular events, purposes, for short duration  Partitioned HUF

CA. Tarun Ghia  Illegal Associations  Associations for illegal purposes  Erstwhile Partners of a dissolved firm

CA. Tarun Ghia  Partnership property in joint names of partners  Residential Status  Computation of Income of AOP/BOI

CA. Tarun Ghia  Charge of tax on AOP/BOI  When shares of members are indeterminate or unknown  When shares of members are determinate and known  Computation of Members’ Shares in AOP/BOI

CA. Tarun Ghia  Income forming part of total income on which no tax payable  Income for rate purposes  Interest, Salary, bonus, commission, remuneration by AOP/BOI to members

CA. Tarun Ghia  Interest by AOP to member  Interest paid to member in a representative capacity  Interest paid to a member on behalf of another person  Interest etc. paid may include payable

Transactions between AOP/BOI & Members inter se

CA. Tarun Ghia  Capital Gains in respect of AOP/BOI  Deductions under Chapter VI-A  Set off of losses of AOP/BOI  Filing of Return of Income of AOP/BOI  Is there an option to assess AOP or a member directly?

CA. Tarun Ghia NNotice and Assessment AAmendments to assessments AAssessment of Dissolved AOPs

WILLS AND NOMINATIONS  Succession: testate or intestate and applicable laws  Succession of immovable property and movable property  Intestate / testate succession with or without nomination

 Will and codicil – meanings - Essential characteristics –  Will to be signed in the presence of two witnesses.  Will: Nomination: power of Attorney: Gift: Other deeds: distinguishing features

 Kinds of will  Capacity to make will  Intestate and testate succession for kinds of properties

 Will by fraud, coercion etc. invalid. Ambiguity, blanks should be avoided. Cancellations, interlineations, typing mistakes, corrections to be countersigned and dated.  Implications of witnesses being legatees, executor being a legatee - effect of marriage on will.  Position of executor under a will - probate - letter of administration, succession certificate. THANK YOU