Before cancellation of your GSTIN make sure that you have filed ITC-02 and your son has registered and obtained new GSTN. www.Taxlok.com Contact No. firm, therefore, I am forwarding herewith the following documents towards the said change(s ) with the request to incorporate the same in your office record and intimate the position of dues and UEI charges, if any, payable by me/us before issue of your letter of approval of the change 5- That I have handed over the possession of Shop consisting part of _____ to _____ and I will have no objection if said _____ uses the said premises for his proprietorship firm. Hi, Let me start with explaining what is a proprietorship firm…A Proprietorship firm is a type of business structure which is made and operated by a single individual. 08 July 2012 After demise of Proprietor of a Sole-proprietorship firm, the interest in the property of the firm automatically devolves on the Legal heirs of the Proprietor irrespective of the consent of the said Legal heirs to take over the same. Further, this NOC has to be printed … First of all get your son registered in GST, then check your credit ledger balance if you are in regular scheme. If you are transferring your business for the purpose of retirement, then you will obviously want to sell the business to them rather than just give it away.After all, you need to have a substantial amount of income or money in the bank that you can use to afford your lifestyle and living expenses after you retire. Under following situations how to treat selling of individual business: If proprietorship business is transferred as it is, all assets and liabilities are transferred for a consideration. Since a sole proprietorship represents the owner of the business, you cannot actually transfer a sole proprietorship to someone else. 6- That I have executed this affidavit without any pressure or undue influence rather it is my sweet will and consent. However, there is no restriction on filing of ITC-02 pre or post cancellation. However, the Legal heirs are free to continue business in the same name at their discretion. And if his son takes over his business by will, how to stock transfer with GST payment or without GST? I have been filing GST returns, income tax returns and even Income Tax audit was done. NOC for GST registration is the basic Form of No Objection Certificate, to be issued in the name of your father stating that he does not have any objection in you carrying out your business activities at the address owned by him. 07597741801 The disposal of the computer is a supply of goods and subject to GST. Clarify Your Retirement Income Needs. It is an independent form and has no relation with cancellation of the sole proprietorship firm. the closing balance of credit ledger may get transferred on succession of business to your son through ITC-02. Once the new registration is approved, Legal heir will required to apply for the transfer of ITC by filing FORM GST ITC–02 to new entity. If this is a sole proprietorship and not an LLC, then to transfer the business to your son you need only transfer the assets, including the trade name (any DBA filing will need to be amended to reflect the new ownership of the business). 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