Sec 50b
This query is : Resolved
CA NITESH G. SWAMI
(Querist)
15 October 2011
An Assesse has running business as proprietor but due to old age he transfer his business to his son & his capital account is credited in sons book as Loans & advances rest all assets & liabilities are transfer at book value. so is it slump sale in the books of assesse & if so how it is computed.
15 October 2011
SIR SLUMP SALE MEANS TRANSFER OF UNDERTAKING FOR A LUMP SUM CONSIDERATION WITHOUT ASSIGNING THE VALUES TO INDIVIDUAL ASSETS...SIR PLEASE CALCULATE NET WORTH =TOTAL ASSETS-TOTAL LIABILITIES THAT IS TREATED AS COST OF AQUISITION...TOTAL LIABILITIES DOES NOT INCLUDE LOAN & ADVANCES OF PROPRIETOR .....LUMP SUM, PAYMENT TREATED AS SALE CONSIDERATION..
CAPITAL GAIN=LUMP SUM-NET WORTH
CAPITAL GAIN=LUMP SUM-NET WORTH
CA NITESH G. SWAMI
(Querist)
17 October 2011
but there is no lump sump consideration assetes - liabilites = loans & advance of prev. prop which is nothing but its capital account
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