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Can a assessee gave his/her business to his/her spouse as a gift?

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(Querist)
10 July 2023 can a assessee gave his/her business(Marriage hall renting) to his/her spouse as a "GIFT"?

How to give effect as per income tax? Please explain and what is the procedure to do like that.

Thanks in advance.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2023 As proprietorship business, only the assets get transferred as gift in Income tax. New proprietor has to get licenses procured in his/her name by fresh application.

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