Transfer of fixed assets
manmohan baheti (student) (112 Points)
15 November 2018manmohan baheti (student) (112 Points)
15 November 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178172 Points)
Replied 15 November 2018
FMV of the assets would be treated as each partner's contribution in the firm. No IT or GST liable.......
manmohan baheti
(student)
(112 Points)
Replied 15 November 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178172 Points)
Replied 15 November 2018
Yes ..... while dissolution of proprietorship firms, for any difference of values as per BS and its FMV...
Ashok Kumar
(CA qualified)
(389 Points)
Replied 15 November 2018
Capital gain will attract at the time of contribution in the hands of the individual. Amount recorded as capital will be the sale value in the hands of individuals
manmohan baheti
(student)
(112 Points)
Replied 19 November 2018