11 October 2011
TRANSFER WHERE A FIRM\PROPRIETARY CONCERN IS SUCCEEDED BY COMPANY:WHERE THE SHAREHOLDING OF PARTNERS IN THE COMPANY DOES NOT CONTINUE TO REMAIN 50% OF THE TOTAL VOTING POWER FOR A PERIOD OF 5 YEARS FROM THE DATE OF SUCCESSION ,NOW THE QUESTION IS THE CAPITAL IS CHARGEABLE IN HANDS OF COMPANY OR PARTNERS OR FIRM?
11 October 2011
The capital gain not charged earlier will be taxed in hands of the successor company in the previous year in which the requirement was not complied with.
CAclubindia
