Capital gain tax

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Arun Mehta (Querist)
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17 January 2012 If a partnership or proprietorship firm is taken over by a LLP with all assets and liabilities, is there any capital gain tax applicable ? Also please guide that the same can be done with revaluation of assets or not ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 January 2012 Capital Gains tax is applicable as the same is not covered U/s 47.

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Revaluation will have no effect on cost of acquisition. However, Assets are transferred at the revaluation price, the same can be treated as sales consideration.
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