Stock transfer

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ABDUL VAJEED (Querist)
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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

CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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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.

ABDUL VAJEED

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

CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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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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