Please reply urgently
This query is : Resolved
CA Harshal Totla
(Querist)
05 March 2015
A person is carrying Hiring of motor cars business as a proprietor. His son also wants to start the same business separately. His father wants to transfer one of the asset i.e motor car for this purpose. I want to know the tax implications of the transaction and the manner in which this can be done..
Thanks in advance.
05 March 2015
best is dad must gift to son via gift deed and son must show as capital introduced in his new firm........
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