27 September 2022
Dear sir - one of my client having authorised capital of 2 crores.. And three directors have paid up capital of 50 lakhs each to 1.5 crores.. Another company wanted to take over complete assets and liability and pay extra 5 crores.. What will be income tax liability... Kind regards
28 September 2022
Capital gains tax applicable. Indexation applicable on long term capital gains on assets not depreciated. Short term capital gains tax applicable on other assets.
Sale of the shares of the company 20% long term capital gains applicable with indexation. This is beneficial.
CAclubindia
