Tax implications on transfer on share holding
This query is : Open
10 December 2010
there is a firm having 2 partners engaged in a hotel business.
They wants to discontinue the same.
They have 2 options :
Either sale the land which they have acquired for hotel business
Or Transfer their respective holdings to other 2 persons...
In my opine, in 1st case Capital gain tax liability will attracted..
I am confused regarding the tax treatment on second one...
Please helpp...
They wants to discontinue the same.
They have 2 options :
Either sale the land which they have acquired for hotel business
Or Transfer their respective holdings to other 2 persons...
In my opine, in 1st case Capital gain tax liability will attracted..
I am confused regarding the tax treatment on second one...
Please helpp...
10 December 2010
in second case also attract capital gain because it is not mandatory that capital gain will arise only on selling of the capital goods , what treatment will be when you will transfer the capital asset ?
10 December 2010
Actually sir, when partners sale theor holdings, it can be treated as sale of business...then in such case would capital gains will be attraected....
11 December 2010
As far i think difference between net worth and sales consideration will attract tax as under the head capital gain.
As far i think difference between net worth and sales consideration will attract tax as under the head capital gain.
11 December 2010
Thanx for ur kind guidance, can we find another way out....
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