Change in propritership
This query is : Resolved
13 June 2017
Dear sir
Please tell me about this situation :-
My father doing a proprietorship business, turnover about 5 crore, We want that my father take retirement from business and i want to become a proprietor of above mention business with effect from 01.04.2017,
what compliance and obligation will require on this process under income tax act and vat act
please suggest me that how and when i can do this for good manner.
Please tell me about this situation :-
My father doing a proprietorship business, turnover about 5 crore, We want that my father take retirement from business and i want to become a proprietor of above mention business with effect from 01.04.2017,
what compliance and obligation will require on this process under income tax act and vat act
please suggest me that how and when i can do this for good manner.
13 June 2017
you need to take a new registration under GST. VAT will anyway stop working on 1 July 2017.
The physical assets if any can be transferred to you through a gift deed. You should open a current account before applying for GST registration.
The physical assets if any can be transferred to you through a gift deed. You should open a current account before applying for GST registration.
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13 June 2017
Dear sir
1. I understand that no need to inform VAT authority in this regarding am i right?
2. if i change this with effect from 01.07.2017 then no need for migration of exiting VAT registration in GST ??
3. Any income tax related effect when we are a trader and no capital asset transferred ??
1. I understand that no need to inform VAT authority in this regarding am i right?
2. if i change this with effect from 01.07.2017 then no need for migration of exiting VAT registration in GST ??
3. Any income tax related effect when we are a trader and no capital asset transferred ??
14 June 2017
Dear Nikhil Kaushik ji
very thanks for answer my query.
please clarify my above query
very thanks for answer my query.
please clarify my above query
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