28 May 2021
My age is 65+ my younger son looks after the business. I want to transfer the business in his name which will have minimum or no tax implications. I have no Land or Building in the Balance Sheet but computers, Machines etc. & Current Assets. There is no debt in the BS. MSME registration is done in the Name of the Organisation. GST Registration is not applicable to me. Please help me out. Thank You.
29 May 2021
Transfer the business to son as gift no tax payable. In 100 Rs stamp paper record the transfer of business as gift in simple words that is enough.
The legacy of the sole prop ends at the termination of the proprietor, you can not carry the legacy like IT record, or any Bank OD granted in your name etc...
However the assets and liability can be transferred to your son by a way of gift as rightly said by the CA Seetharaman
should you have any further query please write to me at sthayin@gmail
CAclubindia
