Can a assessee gave his/her business to his/her spouse as a gift?
This query is : Resolved
G Prathiba
(Querist)
10 July 2023
can a assessee gave his/her business(Marriage hall renting) to his/her spouse as a "GIFT"?
How to give effect as per income tax? Please explain and what is the procedure to do like that.
Thanks in advance.
How to give effect as per income tax? Please explain and what is the procedure to do like that.
Thanks in advance.
10 July 2023
As proprietorship business, only the assets get transferred as gift in Income tax. New proprietor has to get licenses procured in his/her name by fresh application.
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