Capital gain

Save Share

This query is : Resolved

jinay palrecha (Querist)
Follow

12 May 2016 Respected Sir ,
You are requested to give me advised how the Capital Gain will be calculated while transfer of all the Assets including Current Assets & Non-Current Assets with all the Liabilities to Partnership firm in which share of my client who is having Proprietor Ship is 5% .
You are advised to give me details how it will be taxable .

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 May 2016 what is the query? Your client who is proprietor transferred his current as well as non current asset to a partnership firm in lieu of 5% share in the said partnership firm?
Is it capital introduction? If yes, then sec 45 will come into play.

jinay palrecha

jinay palrecha (Querist)
Follow

12 May 2016 No. It is not capital contribution .The Firm is giving them a consideration for such transfer

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

13 May 2016 so please now find out that out of those current and non current assets, which are capital asset. Only those will be considered for the calculation of capital gain. The rest are outside the scope of capital gain. Tell me which are the capital assets in these current and non current???????

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now