Question
Is the value of an estate determined at the date of death of the date of distribution of the Marhooms share of Assets/Liabilities [Nett Assets] 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.
Checked and Approved By:
Mufti Muhammed Saeed Motara Saheb D.B.