LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Umesh Khanna (CEO)     01 April 2014

Gift of proprietor firm

Sir , My fathers proprietorship firm is in legal dispute against his debtors in high court, the cases are filed as mr abc prop of M/s xyz , due to his old age and health, he wants to transfer the firm in my name, can he do so while the cases are subjuidce? he wants to do this while he is alive as he is expecting a contest of will from his daughter and her children. whats the best way to pass the assets and liabilities to his son , the firm has no fixed assets and all his debts are sub judice, stamp duty on his (assets minus liabilities) is a huge sum, what method can be used to pass debtors and creditors safely? please guide .. its urgent 



 1 Replies

Sanjay Gautam (Advocate)     03 April 2014

gift deed could be the best and simple way , any other method would be tricky and confusing. 

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register