Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 October 2010
A partner was running a biz. sale of Construction materials. he entered into partnership with few other ppl. later the firm decided to run the biz in the partner place where he was running biz as proprietor. the assets-infrastructure and few stock in hand was taken into books and value was considered as LOAN FROM PARTNER not CAPITAL. whether the firm is liable to Capital gain?
27 October 2010
Yes it is transfer of capital assets, and capital gain will be applicable.
But the individual will be liable for capital gain, not the firm.
But the individual will be liable for capital gain, not the firm.
27 October 2010
Agree With Mr. Expert
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