Transfer of assets by partner to its firm
This query is : Resolved
19 December 2022
Can a Proprietor having an active GST number having business activity of Mfg, enters into a partnership firm having GST No. transfer the Plant & machinery of the Proprietory business to the Firm as transfer as his share of capital contribution in the new firm.
So can this transfer be done ?
Does this transfer attracts GST ?
So can this transfer be done ?
Does this transfer attracts GST ?
CA R SEETHARAMAN
(Expert)
20 December 2022
Yes, this Tranfer be done.
GST not applicable being business take over.
GST not applicable being business take over.
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