Slump sale
This query is : Resolved
10 May 2014
if sales consideration is rs.100000 and net worth is -150000 then what is capital gain ???
10 May 2014
Kindly mention all the details
10 May 2014
witout cost of acq, year of acq, imp dates of purchase and sell no 1 can reply correctly.
10 May 2014
I believe your doubt is whether or not the negative networth is to be included in arriving at the capital gains.
Thats a normal confusion - whether capital gains is Rs 1 lakhs or Rs 2.5 lakhs.
In case of M/s Summit Securities Limited, Mumbai ITAT held that negative net worth is to be considered and accordingly the gains shall be Rs 2.5 lakhs.
Please refer http://www.moneycontrol.com/news_html_files/news_attachment/2012/Tax%20Edge%20Special%20_BMR%20Advisors.pdf
My disclaimer is that I have not followed the cases subsequent to Sumit Securities case and any subsequent judgment in favor of assessee is not available to me.
Thats a normal confusion - whether capital gains is Rs 1 lakhs or Rs 2.5 lakhs.
In case of M/s Summit Securities Limited, Mumbai ITAT held that negative net worth is to be considered and accordingly the gains shall be Rs 2.5 lakhs.
Please refer http://www.moneycontrol.com/news_html_files/news_attachment/2012/Tax%20Edge%20Special%20_BMR%20Advisors.pdf
My disclaimer is that I have not followed the cases subsequent to Sumit Securities case and any subsequent judgment in favor of assessee is not available to me.
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
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
