Dear Sir,
One of our client is running a windmill business (Proprietorship) and claimed deduction u/s 80IA for 8 consecutive years. Now he wants to transfer his business to his son. What is the tax implication on this. Will his son get 2 more years of deduction u/s 80IA or will he get fresh 10 years of deduction.
Regards,
Windmill Business Transfer: Son Eligible for Two More Years of Income Tax Deduction Under Section 80IA A client operating a windmill business as a proprietorship has claimed an income tax deduction under section 80IA for eight consecutive years. The client plans to transfer the business to his son and seeks clarification on the tax implications. Specifically, the question is whether the son will be eligible for two additional years of deduction under section 80IA or a new ten-year deduction period. The response provided suggests that the son will receive two more years of deduction. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
