FMV2 Under Rule 11UAE
This query is : Resolved
Quick Summary
03 July 2023
We have Purchased Assets of Rs. 100 Crore on credit at the begging of Financial Year and at the end of FY we sold all purchased assts as a slump sale for cash consideration of Rs. 100 crore. What will be tax liability?
Apparently it should be zero but when we calculate capital gain as per the provisions of Rule 11UAE we have capital gain because FMV2 is Rs. 100Crore and the Net worth is Zero.
Can any one solve this puzzle? If so i will be obliged
Apparently it should be zero but when we calculate capital gain as per the provisions of Rule 11UAE we have capital gain because FMV2 is Rs. 100Crore and the Net worth is Zero.
Can any one solve this puzzle? If so i will be obliged
04 July 2023
Assets sold for the value it's purchased hence there's no slump sale.
No capital gains.
No capital gains.
10 July 2023
Thank You so much Sir... Will this transaction attract GST. How will we show this it to Return
10 July 2023
GST applicable on sale of movable property.
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