Transfer

unknown (B.Com) (87 Points)

30 June 2017  
a director who is also a member of 1/3 rd shares in a private company transferred his jewelry held by him as a capital asset to the company. now the company is in jewelry business and further sells the jewelry to customers. now the directors argues that this transfer is to be shown as a loan to the company, is it possible or it should be liable to capital gain.