Query

This query is : Resolved 
 

Online (Querist)
10 June 2021

i have a mining firm in name of my sister. She is doctor by proffesion and serving in government hospital under compulsory bond of 1 year only on Stipend basis. Is there any provision in Income tax under which i have to withdraw her name from firm?


T. Kalaiselvan, Advocate Online (Expert)
10 June 2021

If she is the owner of the firm then she may have to transfer the property to your name either by a sale deed or by a registered settlement deed so that she becomes no more a owner of that property subsequently.
Without a registered transfer deed executed by her, her name cannot be withdrawn from the firm for any purpose.

Sankaranarayanan Online (Expert)
10 June 2021

If a person working in Goverment as employee then they are not suppose to do full time or part time business. Therefore better close the business and start your own is better.

Sankaranarayanan Online (Expert)
10 June 2021

Firm is properiterl ship or partnership firm beter to consult local lawyer or chartered account and seek advice and act

kavksatyanarayanaOnline (Expert)
10 June 2021

Whether the Firm business is opened with you and your sister as partners or not? You stated that you have a firm in your sister' name means? Is the Firm proprietary by your sister? And your sister is Government doctor whether the post is permanent or not, she cannot do business without permission of the Government concerned. As she has a proprietary firm (you started in her name) she shall transfer it to your name by executing a deed and for this you shall consult a local senior CA.

Sudhir KumarOnline (Expert)
11 June 2021

Given facts indicate that she is not a Govt employee. She can carry on with business.

Advocate Bhartesh goyalOnline (Expert)
11 June 2021

Your sister can't do simultaneously both Govt job and business ( running mining firm ) . She has to left either her Govt job or business.

SHIRISH PAWAR, 7738990900Online (Expert)
11 June 2021

Hello,

You have to transfer the business from your sister's name to your name. Your sister is not allowed to run any business while she is working with a government hospital. Further doctors cannot run any other business while practicing.

P. Venu Online (Expert)
17 June 2021

The facts posted do not suggest to be a Government employee. Anyhow, there is no provision of income tax which requires her withdrawal from the firm even if she is a Government employee. However, in such an eventuality, provisions of the Conduct Rules, as applicable would be relevant.



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