Transfer of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 We had worked jointly and made an individual firm named at A. Now as due to the family disputes we now want to get the possession of the same can we transfer the assets and liabilities of the individual firm to us with the consent of proprietor if yes how can the same be done as the Bank Limit is also taken on that name and the other new individual file is not having that amount of capital in it. Can we transfer the firm in our name if yes then please tell the way on to which the same can be done.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 1. in case of proprietorship, when you transfer assets from one family member to another, there should be much problem as such transactions wont attract any tax liability

2. however, shifting of banking limit is an altogether different issue. The bank won't simply transfer any limit to you. You need to apply for separate limits for yourself.

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