Here Mudassar Ahmed Khan has explained with an example, how to return value True if record exists and value False when record does not exist from Stored Procedure in SQL Server.
In order to return value the EXEC function will be used. The value will be returned as 1 (True) if record exists and 0 (False) is record does not exists.
Using the EXEC function returning value of a Stored Procedure to a variable is supported in all SQL Server versions i.e. 2000, 2005, 2008, 2008R2, 2012, 2014 or higher.