Gift of proprietor firm to my son
This query is : Resolved
Sanjay Agarwal
(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.
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.
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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