Sole prop. transferred to son
This query is : Resolved
24 November 2015
If sole prop business, alongwith all assets and liabilities is transferred to Son :
queries :
1. whether provisions of transfer without adequate consideration shall apply ?
2. will such transfer be considered as gift ? if yes, whether any documentation is required?
3. suggest way other than gift, if any, for transfer of business.
Thanks
24 November 2015
1 Being transfer to son as gift such provision of transfer without consideration provision not applicable.
2 Yes it will be treated as gift.
3 Yes documentation is required to effect name change wherever is required.
4 In case of other than gift you can opt for sale with consideration or inheritance.
2 Yes it will be treated as gift.
3 Yes documentation is required to effect name change wherever is required.
4 In case of other than gift you can opt for sale with consideration or inheritance.
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