Change in propritership

This query is : Resolved

RAMDEVA RAM JYANI (Querist)
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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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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RAMDEVA RAM JYANI

RAMDEVA RAM JYANI (Querist)
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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 ??

RAMDEVA RAM JYANI

RAMDEVA RAM JYANI (Querist)
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14 June 2017 Dear Nikhil Kaushik ji
very thanks for answer my query.
please clarify my above query

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