One of my client wants to Transfer he business to his own Brother with stock of 3CR and he is also having same Business and how can transfer and ..is tax applicable ??? can anyone tell me the procedure
31 August 2024
ones Again Thank you for ur valuable suggestion CA. Seetharaman sir ....
Actually his brother not able to continue business so that total stock transferring to his Brother .as we confirmed with other CA he said that Transfer of all ( Assets & Liability ) to ur own brother is not taxable to under GST(forms GST ITC-02 : Declaration for transfer of ITC in case of sale, merger, or transfer of a business under Section 18(3) is not taxable under GST) and income Tax ....but asper ur suggestion is taxable kindly clear my confusion sir
suppose what is the procedure for total business transfer to family member in case of Death of proprietor sir ????
31 August 2024
Yes, he is right. I thought you are transferring part of the stock. Execute business tranfer agreement and transfer the stock through delivery challan and E way bill.