Sale of Business
This query is : Resolved
15 October 2007
A prop. concern having tax tax audit for the f.y. 2005-2006. It has transferred its prop. business on lump sum amount of Rs. 30 Lacs on July 05, 2006. Up to 13.07.2006, total sale was rs. 18 Lacs. the questions are
1. Whether the concer is liable for tax audit for f.y 2006-2007
2. under which section short term capital gain shall be calculated
3. how we calculate the capital gain on Land if there is lump sum payment was received
1. Whether the concer is liable for tax audit for f.y 2006-2007
2. under which section short term capital gain shall be calculated
3. how we calculate the capital gain on Land if there is lump sum payment was received
15 October 2007
Hi Abhi,
It will have the Tax audit for hte period the asset is transfered
short term capital gain is the part of you normal income and will be taxed accordingly
for capital gain of Lan you need to take help of Capital Index for the valutaion of the Land
It will have the Tax audit for hte period the asset is transfered
short term capital gain is the part of you normal income and will be taxed accordingly
for capital gain of Lan you need to take help of Capital Index for the valutaion of the Land
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 from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Transporter Declaration form
- Multiple trade mark
- FORM 26A APPLICABILITY
- LC charges in relation to Asset purchased should be Capitalised ?
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
