In case of death of sole proprietor/all partners, whether sale of goodwill is to be effected within one year of death or permission is to be obtained by legal heir within one year of death or both.. Also explain in case of dispute?

5 answers

Ravi Staff July 2, 2018

time limit is within one year from date of death and not from date of permission
in case of dispute it is one year from date of settlement of dispute 

#1

Please elaborate… 
Whether permission from council is not required within one year of death? And whether sale is also to be completed in all respect in case of death?

#2
Ravi Staff July 4, 2018

Permission of council is not required for sale of goodwill.
Yes transfer of firm name to new CA should happen within one year from date of death.

#3

Sir, For transfer of Firm name whether permission of the council is to be obtained by legal heir?

#4
Ravi Staff September 13, 2018

Permission of council is not required in any situation in case of transfer of goodwill, just go ahead as per prescribed procedure infirm icai, permission is not required.

#5

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