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Stock transfer

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(Querist)
15 March 2012 My client wants to close his business.
But he has goods 5L purchased which is not sold yet,
Now he wants to transfer that goods to his dad s business who is also running the same business, Can he do that and close his business ?

Abdul
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CA. RAVIKUMAR

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CA. RAVIKUMAR (Expert)
16 March 2012 Yes he can Do, but he has to charge and Pay VAT on the same. Then Surrender/Cancel the certificate.
His Dad can take the VAT Credit on the same.
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ABDUL VAJEED

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ABDUL VAJEED (Querist)
21 March 2012 can he transfer as stock transfer without paying VAT ? making some agreement
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CA. RAVIKUMAR

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CA. RAVIKUMAR (Expert)
21 March 2012 No as per my knowledge it is not possible.

Stock transfer is only for the Same entity.

otherwise if his Dad's business is partnership then make a Supplementary deed to include son as a one of the partner and then you transfer the stocks after that surrender the VAT Certificate and then Close the business.
This my own view...
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