Capital gain on stock transfer
This query is : Resolved
28 January 2014
Dear Kaushik Sir,
please suggest me about a case as given below- I am a sole proprietor of a business and entered two new partner in my existing business and convert my business in partnership firm with my existing closing stock Rs. 1750000/- and liabilities Rs. 3454000/-.my question is that stock transfer is subject to capital gain?
if,it is subject to capital gain than how it is calculated?
please suggest me about a case as given below- I am a sole proprietor of a business and entered two new partner in my existing business and convert my business in partnership firm with my existing closing stock Rs. 1750000/- and liabilities Rs. 3454000/-.my question is that stock transfer is subject to capital gain?
if,it is subject to capital gain than how it is calculated?
29 January 2014
Hello Neeraj,
Stock transfer will not be subjected to capital gain.
But it will be considered as Gain from Business.
Stock transfer will not be subjected to capital gain.
But it will be considered as Gain from Business.
30 January 2014
Respected Sir,
It means that the stock which has been transfered by the sole proprietor while making the business under partnership will be considered as gain from business, please tell me how it will be calculated as gain from business.
It means that the stock which has been transfered by the sole proprietor while making the business under partnership will be considered as gain from business, please tell me how it will be calculated as gain from business.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
