sir
I want to sale my business before a partnership firm, my capital as on 31/3/2018 is 20,00,000/- o/s liability 5,07,000/- and cash in hand 2,17,000/- cash at bank is 400000/_ balance AMT is sundry debtors. now my question is if I sale my business 18,00,000/ what is tax impact?
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You are transferring the right to carry on the business to the said firm, hence the amount received or receivable would be taxed under the head "Income from Capital Gain".
CAclubindia
