Related to capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2016 A partnership firm merged with another partnership firm and transfer all their assets to another partnership firm at book value.

whether capital gain attract ?????????????? if yes then which section ????????????
sale value=book value

whether it considered as sale of fixed assets ???????????????

25 May 2016 The consideration is given as to whether it is a LUMP SUM sale or piecemeal transfer of asset. The deed of merger plays an important role in this.

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2016 what about taxability in that case ??????????

01 June 2016 if it is lump sum, capital gain is on the business as a whole. If it is asset wise sale, you need to calculate capital gain on each asset

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Querist : Anonymous

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18 June 2016 A Proprietorship firm take a loan from bank. for bank loan bank open new account & credit loan amount in new a/c. now the question arises what is the entry for that transaction ???????????
bank A/c Dr.
To _________________
what is the entry in case of loan repayment ??????????


18 June 2016 01. for crediting of loan amount by bank in new bank account
debit bank account no. xxxxxxx
credit loan with so and so bank

02 For interest on the said loan
debit Interest on loan
credit loan from so and so bank

03. for loan repayment
debit loan from so and so bank
credit cash/bank as the case may be

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 July 2016 what is partners Remuneration in case partnership firm dissolve in mid of the year ?????????????
is there any monthly of half yearly calculation of remuneration or paid as prescribe limit??????

19 July 2016 remuneration is calculated as provided in the deed of partnership.
So far as income tax is concerned, the amount calculated as per section 40(b) is ALLOWED, the rest is disallowed


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