Hema 10 March 2016
Can a sole proprietor who is running a business for the last 25 to 30 years and wants to discontinue the business in his name, transfer it as a running concern to one of his relatives and can the other person carry on the business in its present form (all other assets and liabilities remaining the same, just change of Sole proprietor) and what are the income tax implications
Jatin Mittal (Corporate Lawyer) 15 March 2016
Hi Hema, Yes, a business can be transferred on a going concern basis by way of a business transfer agreement or a slump sale agreement. In terms of income tax implications, it would be applicable on the sale of business. You may contact me for handling your transaction from the legal perscpective. Contact me at mittaljets@gmail.com.
Jatin Mittal (Corporate Lawyer) 15 March 2016
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