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Gift of proprietor firm to my son

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(Querist)
26 May 2017 What are the impact of gifting own proprietor business to my son in the income tax and VAT. and then want to take GST registration in the name of my son.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
26 May 2017 It is advisable to prepare a gift deed for transfer of business and stock to the son. Stock on the date of gift shall be transferred to the son. For VAT purpose, applicable provisions of state VAT is to be checked. Usually in such situations fresh VAT registration is allotted with son as proprietor. For example in Rajasthan, if there is change in proprietor then fresh registration is required to be obtained.
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Sanjay Agarwal

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Sanjay Agarwal (Querist)
26 May 2017 One thing more I want that there will be no any tax liability will arise for such transfer.
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