about exchange of assets
Dhana Sai (244 Points)
28 April 2018and ,i want to start a entertainment media pvt ltd.
by running a movie theater
for that I found a buyer ,and he saying that I can give u the theater(sd value is 4 cr) to u in exchange of agricultural land
and I want to register the coming theater on companies name
and I know that
since it is the exchange of a capital asset with non capital asset ,of course it is a transfer as per it act ,
but it is not a taxable transfer
since the profit (4 cr -2000000)
is not attracted to pay capital gain tax
but that income would be regarded as gift u/s 56 so that we need to pay tax
because of that I am going to open a company and transfer theatre on that directly
and I would like to know that is there is any tax liability on me ,even though I transferd o. companies name directly
hint : at present the market value of both are same
thanks you sir ,in advance