When The Value In The Share Of A Partnership Of A Marhoom Is Determined
Question
Is the value of the estate determined at date of death or date of distribution of the Marhooms share of assets/liabilalities in the business?
Answer
The value of Marhoom’s assets (for purposes of paying out the shares due to his heirs) will not be determined at date of death, but rather at the time of distribution of the Marhoom’s assets to his heirs. In essence this means that the business (which includes all stock, fixtures and fittings, motor vehicles, etc.) should be evaluated at the time of distribution and not at the time of death.
- Approved by
- Mufti Muhammed Saeed Motara Saheb D.B.
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