Stock transfer in case of death of proprietor

[Guest]

Hello everyone ,

need prompt reply on below query

wat happen to central excise stock in case of death of proprietor , legal heir have now became the new proprietor with same company name , already changes in sales tax have been done , how it is transfer under wich section/rules , how to sales the stock

[YAGAY andSUN]

Legal Heir will inherit all the assets and liabilities of that firm by defalut, if he is willing to do so. For details please take help of your range superintendent of Central Excise and VATO.

[KASTURI SETHI]

Name may be same PAN will be changed. Registration no. will be changed. Issue invoice from old invoice book to new firm, being registration no. New.

[Ganeshan Kalyani]

I agree with the views of Sri Kasturi Sir. The intimation of new authorised signatory need to be submitted to VAT department.

AI Summary

Inheritance of business assets transfers stock and liabilities to legal heirs, requiring registration and tax-record updates. Stock passes to the legal heir who may inherit the firm's assets and liabilities if continuing the business; the heir must update PAN and registration details, amend authorised signatory records with tax authorities, consult the local excise/VAT office for transfer formalities, and manage invoices and tax records to lawfully sell the existing stock.