If a company gets its land, valued at more than its book value, at the time of amalgamation, will it be subject to capital gains or any other tax ?
2 Replies
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 17 February 2009
in case of amalgamation it is not even transfer of asset.......... as per sec 47 of IT act so there is no capital gains
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 17 February 2009
Any transfer in the scheme of the amalgamation, of capital assets by the amalgamating company to the amalgamated company, if the latter company is an Indian company, such transfer is not regarded as transfer for the purpose of Se.45 [Refer Sec.47 (vi)]. Hence, not liable for capital gain tax.
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