sale of company
This query is : Resolved
10 June 2009
A company have tenency right property the net worth of company is negative but property has in well situated place.director going to sale the company form which they earn profit of it what should be conisder of that profit and what rate to be conisder calculate income tax?
10 June 2009
TENANCY RIGHT IS A CAPITAL ASSETS AND SHORT TERM GAIN WILL BE TAXABLE AS NORMAL SLAB AND LONG TERM TAXABLE @ 20%.
HOWEVER IF YOU ARE SELLING ENTIRE BUSIESS WITHOUT ASSIGNING VALUE TO INDIVIDUAL ASSETS THIS IS SLUM SALE U/S 50B
HOWEVER IF YOU ARE SELLING ENTIRE BUSIESS WITHOUT ASSIGNING VALUE TO INDIVIDUAL ASSETS THIS IS SLUM SALE U/S 50B
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