Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 if one firm "x " give assets to "xy " (other relative partnership firm) at the time of dissolution of firm X
Is it possible ,if yes then what will be tax liability on both firm firm.
firm has transferred the assets to other firm on book value.means they transferred and close the accounts of assets.

other firm will record this assets on same value no consideration is passed for this

"x' firm booking entry

Partners current ac dr
to Fixed assets

and In new firm "xy"
fixed assets ac dr
to Partners current a/c (in 50:50 ratio)

both are partner in same firm
capital gain is applicable,if yes then please guide me treatment in book of accounts.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2016 capital gain is applicable.

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