Hi,
We have a shop in Alwar, Rajasthan which was taken on rent by father long back. My father was doing business on that shop till 1985 and then he closed that business but he retain that shop by paying monthly rent. I started business (Medicine Shop) on same shop as partnership firm with my father as rent agreement is with my father.
Now i want to convert that partnership business to sole proprietor on my name as tax implication is lower in case of proprietor. How can i do it with out changing rent agreement which is between my father and landlord as if we change rent agreement to me the rent will increase substantially.
Kindly help me in this regards.
Thanks
