31 January 2012
I have a business whose sole-proprietor is my DAD (registered under Karnataka VAT). My DAD now wants me to run the same business independently. Can i transfer the business/sole-proprietorship to my name. What is the procedure involved. Kindly help, thank you.
31 January 2012
The business run as a sole proprietorship could be transferred to any person as SALE OF A RUNNING CONCERN. Such turnover shall be exempted as per rule 3(2)(g).
Please note that there shall be change in the TIN no. and a fresh registration shall be granted in your case.
For any further assistance you could mail to pc_chhajer@yahoo.com
CAclubindia
