Rajesh Kotkar (Company Secretary) (68 Points)
19 February 2011X Pvt Ltd., wants to sell property to Y Pvt Ltd., and after selling its business they want to start new business but with the change in name of the company, Y Pvt. Ltd.,wants to buy the property of X Pvt.Ltd., without doing saledeed in order to avoid stamp duty on sale deed.
Q.1 . What are the ways for Y Pvt.Ltd., to acquire the property of X Pvt Ltd., without doing sale deed.
Q.2. Can X Pvt Ltd., can change their name by selling its business to Y Pvt. Ltd.,
Regards.
Rajesh Kotkar
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 21 February 2011
Let the Promotors / Directors of X Pvt. Ltd. transfer the company X Pvt. Ltd. with it's entire assets and liabilities, by way of transfer of shares and change in directors, to the promotors of Y Pvt. Ltd. In my opinion, this is the only way to buy property of X Pvt. Ltd. without payment of Stamp Duty.
Thereafter, promotors of X Pvt. Ltd. may get a new Pvt. Limited company incorporated for doing other business activities, if any.
Views of other experts are solicited.
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