Section 44ad

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Hariom Batra (Querist)
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10 June 2015 Dear sir
an assesse's date of birth is in year 1956 and has a business under section 44AD, In a/y 2015-16 he not earn any income bcz he decided to took retirement and he transfer his busineess to his son then what should be treatment in ITR of both?
Would assesse has to submit any documemnt regarding retirement to income tax deptt.?

please reply

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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11 June 2015 After his retirement and transfer of business all stock as on the date of transfer will be transferred to son in father and son's balance sheet and son will be liable to show income earned from trasnferred business u/s 44AD from the date of transfer. A gift deed may be prepared indicating entire transfer of business including stock standing at that time.

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