Legal Question in Tax Law in India

dear sir,
i belong to a hindu joint family and we are in a process of undergoing a family partition in our business. i belong to the 3rd generation of my family. my grand father and his brother wre together (who have expired)and now their 2 sons each are together and now all 4 partners (my father being 1 of them) have 4 business which are jointly owned. each business is propreitorship business however the profits are shared equally & an internal agreement for the same is registered
my question is if i or my father wish to takeover a business and property which is registered in the name of my cousin uncle who is the son of my grandfathers brother? is it possible and what are the tax implications to him and in the same way if sme1 takes over business which is registered under my fathers name what would be the tax implication.
please advise a formal & a legal way of doing a family partition to minimise taxes and any legal problems or dispute in future.
Request you to kindly mail me a reply on [email protected]

Asked on 2/27/14, 3:22 am

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for the purpose of family partition I will need to know more facts in order to provide the opinion.

Answered on 3/24/14, 7:35 pm

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