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Sale of sole properietorship

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(Querist)
02 March 2014 An assessee wants to sale his Sole Proprietorship business to another individual. what should be the procedure and what would be the tax implications of the same in Income Tax and VAT.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
02 March 2014 practically there is nothing to sell accept for the brand name..VAT, service tax etc would need to applied again given that in proprietorship all these registration are linked to proprietor's PAN
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Querist)
02 March 2014 Well, he can sell the debtors, other assets, deposits and things like those.
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