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Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2009 my uncle runs a propiretor firm under which he runs a factory having machinery
my uncle wants to retire and he wants to give whole his only firm to me
?.. is this treated as gift
?... if not it is taxable
?... what happens to my uncle capital in that
firm
?... is his capital will now be trated as my
loan
?.... is there any other way to get income tax benefit

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 January 2010 Your uncle's best wishes are with you.
I would like to concentrate upon the last alternative-
Your uncle may depute yourself as the CEO of the factory by rewarding you handsome package whatever he wishes. You may work on behalf of him and/or for him.
He is at the age of retirement and the best tax benefits available to senior citizens can be enjoyed by him also.

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