Agreement For Transfer Of Business

The Authority considered that the transfer of Sitarganj`s business should be considered as a continuous undertaking and that it was exempt from GST at the time of Communication No 12/2017-Central Tax (rate) of 28.06.2017. In the case “Rajeev Bansal and Sudershan Mittal” – [2020 (4) TMI 67 – AUTHORITY FOR ADVANCE RULING, UTTARAKHAND], the applicant is a partnership company engaged in the construction of residential and commercial complexes. The company was founded for the construction and sale of a residential/commercial building in Manoharpur village, Jwalapur, Hardwar. The applicant has had the card approved by the competent authority. The covered area was approximately 1.25 square feet of Lakh. A total carpet area of 85 thousand square feet was built up to the date of transmission. Ronav Infrastructure, who worked in the same company, turned to the applicant to take over this incomplete project in order to continue the construction and sale of the building in question. The applicant concluded an agreement with Ronav Infrastructure for the transfer of the activity as a “continuous operation”. The main advantage of the company is the land, incomplete apartments built in the countryside and the approved map.

On 24.10.2019, a separate certificate of sale for the transfer of housing was executed in accordance with Land law for ₹ 21.80 Crores. When a buyer accepts a loan, mortgage, or credit or credit balance, they assume responsibility for the business. Buyers can take on some, all or none of the debts incurred by the seller during the life of the business. The buyer acquired the building/store under construction to operate the same type of business as the buyer himself, who builds and sells residential/commercial complexes. In addition, at present, there is no series of immediately consecutive transfers of this activity. This commercial sales contract is intended to be used when the owner of a business sells the business to a new owner. The agreement addresses a large number of issues that may be relevant to a business sale, including: In this document, the form filler can enter relevant identification data, for example. B if the parties are individuals or companies, as well as their respective addresses and contact details.

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