Capital gains is taxable in the hands of partner in the year in which he contributes any asset towards his capital in the partnership firm.
what about a shareholder or director who contributes his capital asset towards the share capital in the company. is there any provision for that taxation?
1 Replies
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(234 Points)
Replied 10 December 2020
The contribution by the shareholder/director shall be considered to be transfer of a capital asset within the ambit of 2(47)(vi) duly chargeable to capital gains.
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