Capital gains on fixed asset in p'ship firm
This query is : Resolved
14 August 2011
hello all,
my query is, if a factory gala in a partnership firm is sold and a new factory premises is purchased in the same financial year, what is the capital gain taxation effect and what if the financial year changes ?
secondly, can a partnership firm change the name of the firm? if yes, what is the procedure for the same.
my query is, if a factory gala in a partnership firm is sold and a new factory premises is purchased in the same financial year, what is the capital gain taxation effect and what if the financial year changes ?
secondly, can a partnership firm change the name of the firm? if yes, what is the procedure for the same.
CA PARAS BAFNA
(Expert)
14 August 2011
The new factory building purchased will be added in the block and the Factory Building sold has to be reduced or deleted from the block, and if there remains balance in the block, depreciation on the same will be provided.
If the block show negative value, that can be treated as STCL so as to make the wdv of block as NIL.
If the block show negative value, that can be treated as STCL so as to make the wdv of block as NIL.
CA PARAS BAFNA
(Expert)
14 August 2011
can a partnership firm change the name of the firm? if yes, what is the procedure for the same?
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The firm has to apply for fresh PAN Card and has to make a new partnership deed.
Formalities regarding Registration with ROF will also be carried as if the firm is new one.
*
The firm has to apply for fresh PAN Card and has to make a new partnership deed.
Formalities regarding Registration with ROF will also be carried as if the firm is new one.
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