PARTNERSHIP FIRM
This query is : Resolved
14 July 2011
I WANT TO CONVERT MY SOLE PROPRIETORSHIP BUSINESS IN REGISTERED PARTNERSHIP FIRM. I AM HAVING A CAR FOR WHICH I HAVE TAKEN A BENEFIT OD DEPRECIATION IN THE NAME OF SOLE PROPRIETORSHIP. WHEN THIS CAR IS TRANSFERRED TO PARTNERSHIP FIRM WILL THIS AMOUNT TO TRANSFER UNDER INCOME TAX ACT. THE SECTION ALSO SAYS THAT PERSONAL EFFECT ( NON CAPITAL ASSETS ARE NOT SUBJECT TO CAPITAL GAIN LIABILITY)
18 July 2011
I AM HAVING A CAR FOR WHICH I HAVE TAKEN A BENEFIT Of DEPRECIATION IN THE NAME OF SOLE PROPRIETORSHIP.
It will amount to transfer due to your above statement. Car is a depreciable capital asset in your case.
.
On personal effects depreciation is not allowed.
.
However, if you take car at its WDV, then no capital gain will arise.
.
It will amount to transfer due to your above statement. Car is a depreciable capital asset in your case.
.
On personal effects depreciation is not allowed.
.
However, if you take car at its WDV, then no capital gain will arise.
.
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