Sole proprietor concern taken over by private limited concern

[THYAGARAJAN KALYANASUNDARAM]

Dear sir,

one of my customer is running sole proprietor concern, due to availment of loan we created private limited concern and it is running parallely. Now the banker insisting private limited to take over the proprietorship concern. The proprietor concern having movable and immovable property.

What the procedures to be followed to avoid stamp duty on transfer of immovable property.

can anyone guide me. Thanks in advance.

AI Summary

Guidance Sought on Transferring Property to Private Limited Company Without Stamp Duty Under Legal Compliance A customer operating a sole proprietorship has established a private limited company to secure a loan, and both entities are currently operational. The bank is requiring the private limited company to take over the sole proprietorship, which includes movable and immovable property. The customer seeks guidance on procedures to transfer the immovable property without incurring stamp duty. One respondent suggests that the entire business can be transferred to a partnership or company without specific legal compliance, implying the process is feasible for a private limited company as well.