M.Lokesh (Student) (95 Points)
02 May 2010DEAR FRIENDS,
A FIRM WHICH IS ENGAGED IN SOLVENTS MANUFACTURE INCURRED LOSS FOR THE PAST TWO YEARS & DURING THE FY 10 - 11 THE MANAGEMENT HAS DECIDED TO SELL THE UNIT AS ON WHEREIS BASIS. MAY I KNOW THE TAX IMPLICATION IN THE HANDS OF THE FIRM ON SALE OF THE UNIT BY ASSUMING THE FOLLOWING FIGURES
TOTAL FIXED ASSETS AS PER BS AS ON 31.03.2010 RS.50,00,000/- (INCLUDES L&B,P&M,COMPUTERS,FURINTURE)
SALE CONSIDERATION (ESTIMATED) RS.1,50,00,000/- FOR SALE OF ALL THE ABOVE MENTIONED ASSETS.
Amir
(Learner)
(4016 Points)
Replied 03 May 2010
Dear Lokesh,
If sale consideration is NOT known in respect of individual aasets then provisions of "Slump Sale" as specified in Sec 50B will be attracted
Otherwise capital gain shall be computed in a usual manner in respect of each asset
CAclubindia
