a proprietorship is converted into partnership & proprietor is also partner in firm, his share is 50%. I want to know tax treatment under income tax. whether this will fall under slump sale as per section 50B or not.
1 Replies
CA Rajnik Galani
(prctice)
(154 Points)
Replied 04 June 2013
DEAR FRIEND,
ASSESEE CAN NOT LIABLE UNDER SEC. 50B. BUT NO ANY LIABLITY ARISE BUT IF PROPRIETOR TRASFER PERSONAL ASSET TO PARNERSHIP FIRM THAN ASEESEE IS INCOME CHARGEABLE UNDER HEAD OF CAPITAL GAIN.
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
