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Change of proprietor in sole proprietor business

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 May 2018 Mrs. ABC is running a Sole proprietorship business since last 5-6 years. During last preceding financial year books of accounts of business were audited as per income tax provisions. Now she wants to transfer her business to her Son Mr. PQR. Please let me know whether she can transfer the business to Mr. PQR? If Yes, what are the legal requirements are required to be fulfilled?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 May 2018 Yes Transfer the shops and establishment licence obtained from the local authorities. Obtain GST registration in the name of son.
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 May 2018 What about income tax issues, Capital and Assets standing in Previous year Balance Sheet?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 May 2018 Gift the shop/business to your son. Gift to relatives exempt from income tax.
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