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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Gst on travel by air for business purposes
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Short Term Gain Reporting ITR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Missed TDS
- Loss of interest in PF transfer from EPFO to Trust
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
