Hello experts
If father is running the business and having the stock of about 20 laks, now father wants to take retirement and willing to transfer his business to his son.
1 What is the procedure under GST?
2 How the stock been transfer to son?
awaiting your valuable response
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Business Transferring to Son
Replies (4)
Enter into transfer of business agreement.
Form a New Proprietorship of son. Do a sale transaction from father's business to son's business
GST registration in the name of the father (if proprietorship) needs to be applied for cancellation. The stock will have to be shown as sales to the son. The son can obtain GST registration at his discretion subject to the GST provisions.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
Thanks for your valuable time
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