Sale of proprietorship business

Sir I want to known the procedure when a sole proprietorship business of sold. The case is that my father is giving me gift the shop premises but business which is running is not gifted, but is sold to me. I m going to prepare a sale of business agreement. I doubt is that how should I close my dad's accounts for the purpose of vat & how  to surrender the certificate.

N should I apply for new Vat Tin no. or I shd tell dept to charge to proprietor's name.

Reply me as soon as posible.

Thanks.

Email id : rupeshmorabia @ gmail.com

Contact no. 9870633944

Replies (1)

  Your father has to apply for cancellation of RC and you have to apply for a new registration. Here your father will be liable for any dues outstanding,pending assessments,penalties,refunds etc. A sale deed is to be furnished while applying for a new registration,with all formalities as usual. There will be no tax on the sale of busines as a whole.......mjk 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
28 August 2026
Assistant Manager

NRS AND ASSOCIATES

Kozhikode

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

Jain Ankit and Co

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 08 August 2026
CA Articleship

RSAG & CO LLP

New Delhi

CA Inter

View Details
Company
07 August 2026
Chartered Accountant

Devesh Garg and co

New Delhi

CA

View Details
Company
Featured 19 August 2026
Chartered Accountant

apricus india

Pune

CA

View Details
Company
12 August 2026
Deputy Manager - Finance

RoamPrime Technologies Private Limited

Bengaluru

CA

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details