Capital gain urgent please guide me
Querist : Anonymous
Is it possible ,if yes
then what will be tax liability on both firm
firm has transferred the assets and stock to other firm on book value.means they transferred and close the accounts of stock and assets. other firm will record this assets and stock on same value
no consideration is passed for this
capital gain is applicable,if yes then please give me section/circular/case laws etc. for supporting this
The firm has transferred the assets and stock to other firm on book value then how it can be said that no consideration is passed for this ?
.
When X is under dissolution how the account of the firm XY will be squared off ?
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The provisions related to capital gains in case of dissolution of a firm may be referred U/s 45(4).
Querist : Anonymous
what should be treatment
firm 'x' has transferred assets and stock to 'xy' at book value
then what will be cost of acquistion (it will be book value)
as per sec 45(4) sale consideration will be fair market value as on the date of transfer
can we take book value as a fair value
so capital gain tax liability will be nil
However, if the firm carries construction business or engaged in real estate transactions for transfer of its stock in trade we have to refer Section 43CA.
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But in case of Capital Assets of the firm X are transferred then as per s.45(4) it should be carried on at Fair Market Value. Suppose X transfers Land & Building to XY- whatever is its FMV or stamp duty valuation it should be carried out on that basis.
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Querist : Anonymous
firm carries business of ready and garments dresses
assets includes office furniture and equipments not land & building (including generator ,computer etc) wdv as on 31.03.2016 is Rs. 50,46,045
Querist : Anonymous
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