Conversion of proprietorship business in to HUf

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This discussion explains how to convert a proprietorship business into a Hindu Undivided Family (HUF). Key steps include obtaining new trade licences, GST, and PT registrations in the HUF's name. Existing capital assets can then be transferred to the HUF through gift or sale.

Neha Agarwal

Neha Agarwal (Querist)
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13 March 2023 Respected members,

Can I convert my proprietorship business in to HUf? What are the process steps? Should I need to obtain a different trade licence?

Please Guide

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 March 2023 1. Need to obtain all the licenses &/or registrations like trade license, GST, PT etc. in the name of HUF.
2. Can transfer capital assets from individual account to HUF account by way of gift or sell transfer.

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Neha Agarwal

Neha Agarwal (Querist)
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13 March 2023 Thank u sir for your guidance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 March 2023 You are welcome.

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