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Capital - acquisition on Going Concern Basis

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 October 2010 A entity is acquired by a firm on going concern basis...whether Capital gain applicable? who is liable if so..? the assets are valued indiv basis not for slump r any (WDV value)and transferred.
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taxindiaconnect

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taxindiaconnect (Expert)
29 October 2010 Dear Anonnymous, the entity which has been purchased by the firm on going concern basis is owned by someone. The person who owns and sell, is liable to pay capital gains tax, if any.
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