Dear Friends,
My client has a business under his spouse's name. He also have a valid PAN card.
Is it possible to change the name or transfer the business to his name retrospectively, say from AY 2010-11.
is this possible under the Income Tax Act.
If not, what can be suitable remedy for this. The client wants to apply for a Bank Loan.
Regards
Indranil
it is not possible under income tax act to transfer with retrospective effect .
it is advisable that the loan can be applied in the name of his spouse
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