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capital gain

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24 January 2009 transfer of prop. business assets to pvt. ltd. co. attracts capital gain in the hands of prop. if consideration payable is standing as unsecured loans in the books of pvt. ltd. co...? what r the conditions to be fulfilled for exclusion from capital gain?
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
25 January 2009 Transfer for propietory business to a company are exempt under section 47(xiv) if certain conditions are met.

However if your case is not covered by above then you can make investment in specified securities within 6 months of the assets transferred as mentioned u/s 54EA.
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Jayul Danecha

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Jayul Danecha (Querist)
26 January 2009 Thanks a lot sir.
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