Sale of proprietorship business

Mahavat 643 views 1 replies

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 


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