partner sold property to firm 6000000
stamp duty value - 8000000
so difference amt 2000000 concept of gift apply to firm or not ??? and taxable in income from other sources ???
16 Replies
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 10 December 2017
yes..gift taxation shall apply
Yash Chawda
(300 Points)
Replied 11 December 2017
because the gift concept apply to only individual and huf
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 11 December 2017
are u talking about A.Y.2017-2018.
from A.Y. 2018-2019,gift taxation shall apply to all assessee( sec.56(2)(x)).
from A.Y. 2018-2019,gift taxation shall apply to all assessee( sec.56(2)(x)).
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 11 December 2017
Okk.
u r ryt in ur case.Sec.56(2)(vii).
u r ryt in ur case.Sec.56(2)(vii).
L BALA SUBRAMANYAM
(SELF EMPLOYMENT)
(47 Points)
Replied 11 December 2017
as per sec 45(3) cap gains tax attract on amt recorded in books
L BALA SUBRAMANYAM
(SELF EMPLOYMENT)
(47 Points)
Replied 11 December 2017
as per sec 45(3) cap gains tax attract on amt recorded in books
L BALA SUBRAMANYAM
(SELF EMPLOYMENT)
(47 Points)
Replied 11 December 2017
ie on 60 lacs not on 80 lacs &. tax in hands of partner s
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