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Gift of buisness by father to son

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(Querist)
07 October 2013 Dear Experts,

Some person has various buisneses, he wants to gift one of his buisness to his son, can he do so if yes what is the procedure, formalities he need to follow and what will be the tax implications?
Thanks in advance
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
07 October 2013 Appony lawyer and prepare a gift deed accordingly and get it registered in court.
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Pardeep Gupta

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Pardeep Gupta (Querist)
07 October 2013 Thanks a ton, just wanted to check for tax implications income tax, sales tax,whether it will be succession, what will be needing for sales tax etc.
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