Lawgist317Inventory and account
(1) An executor or administrator shall, within six months from the grant of probate or letters of administration, or within such further time as the Court which granted the probate or letters may appoint, exhibit in that Court an inventory containing a full and true estimate of. all the property in possession, and all the credits, and also all the debts owing by any person to which the executor or administrator is entitled in that character; and shall in like manner, within one year from the grant or within such further time as the said Court may appoint, exhibit an account of the estate, showing the assets which have come to his hands and the manner in which they have been applied or disposed of.
The High Court may prescribe the form in which an inventory or account under this section is to be exhibited.
If an executor or administrator, on being required by the Court to exhibit an inventory or account under this section, intentionally omits to comply with the requisition, he shall be deemed to have committed an offence under section 176 of the Indian Penal Code (45 of 1860).
The exhibition of an intentionally false inventory or account under this section shall be deemed to be an offence under section 193 of that Code.
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- 316 As to deceased’s funeral
- 317 Inventory and account
- 318 Inventory to include property in any part of India in certain cases
- 319 As to property of, and debts owing to, deceased
- 320 Expenses to be paid before all debts
- 321 Expenses to be paid next after such expenses
- 322 Wages for certain services to be next paid, and then other debts
- 323 Save as aforesaid, all debts to be paid equally and rateably
- 324 Application of moveable property to payment of debts where domicile not in India
- 325 Debts to be paid before legacies
- 326 Executor or administrator not bound to pay legacies without indemnity
- 327 Abatement of general legacies
- 328 Non-abatement of specific legacy when assets sufficient to pay debts
- 329 Right under demonstrative legacy when assets sufficient to pay debts and necessary expenses
- 330 Rateable abatement of specific legacies
- 331 Legacies treated as general for purpose of abatement
