My father is transferring a small portion of his business to me for starting my business in same field.assets and liabilities being transferred value rs.50 lacs. I feel it would be good if the payment consideration id in form of Gift. Pls guide is this would be right?
Secondly if not gift then would it be advisable to show as unsecured loan that i shall kep paying with interest?
Third, will there be any tax-ability in this case to transferor and transferre?
pl guide
Regards
CAclubindia
