Procedure for transfer of proprietory business in wife name
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2011
Dear Sir,
Can anybody give the answer of my question for procedure for transfer of proprietory business to his wife. Can this is valid as per law applicable to taht.
Can anybody give the answer of my question for procedure for transfer of proprietory business to his wife. Can this is valid as per law applicable to taht.
07 June 2011
make a balance sheet of your business, with P/L account and gift the business to wife with registered deed.
she will approach all authorities where ever the business is registered to get the registration changed / amended in her favor by virtue of registered deed.
Incometax - As in your balance sheet it will be capital gift to wife, and in her balance sheet it would be capital receipt. No incometax or gift tax is applicable.
But all such business income out of such gifted business would be clubbed in your income.
she will approach all authorities where ever the business is registered to get the registration changed / amended in her favor by virtue of registered deed.
Incometax - As in your balance sheet it will be capital gift to wife, and in her balance sheet it would be capital receipt. No incometax or gift tax is applicable.
But all such business income out of such gifted business would be clubbed in your income.
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