Indore: ‘Will can be written even on plain paper’

He said that at the time of making a will, the division of property should be clearly mentioned so that there is no dispute. Also the title of the property should be clear. Moreover, tax planning should be taken care of while making the will.

Staff ReporterUpdated: Sunday, August 07, 2022, 12:25 AM IST
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Indore

Sunil Talati, former national president of the Institute of Chartered Accountants of India (ICAI) said while death is certain, the time of death is not fixed. Therefore, it is very important to make a will by properly dividing one’s property and registering it.

He said that at the time of making a will, the division of property should be clearly mentioned so that there is no dispute. Also the title of the property should be clear. Moreover, tax planning should be taken care of while making the will.

He said that an adult and mentally sound person who has property, shares, gold, jewellery etc., must make their will. The will can also be written even on ordinary paper, it is not mandatory to write it on legal paper or stamp paper, but to avoid dispute, the will should be registered.

Talati was addressing on the second day of the direct tax conference here on Saturday. It was organised by CA Indore Branch.

It is necessary to answer every notice of I-T

Advocate Ajay Singh spoke on income tax assessment. He said that in the system of faceless assessment, where notices are also sent online, it is necessary to enter the correct mail id. It is also mandatory to respond to all the notices received on time, otherwise an ex-parte order is made. Many times when only 24/48 hours are given in the show-cause notice or when notice is received on Saturday, whose reply is to be written on Monday, then extension of the last date should be sought.

Q & A session held

Indore Branch chairman Anand Jain said that the members of Income Tax Appellate Tribunal, Manish Borad, BM Biyani and Girish Agarwal also attended the conference as guests. The last session was a question-answer session. It was conducted by Anil Garg, Manoj Gupta and Ajay Tulsiyan. Kirti Joshi, Atishay Khasgiwala, MP Agarwal, Prakash Vohra, PD Nagar, Vijay Bansal etc. were specially present in the conference.

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