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Transfer of ownership of a proprietory firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2015 I am doing a retail trading business in the name of suppose M/s. ABC. Now I want to transfer the entire business in the name of my younger brother as gift. The said firm does not own any immovable property,It only owns stock in trade, Debtors and creditors, cash & bank balances. What are income tax procedure and complication under income tax law.
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Rupesh Jain

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Rupesh Jain (Expert)
14 January 2015 you can make the gift deed and mention the list of goods or thing you are giving the gift.
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