Slum Sale+Income Tax act

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Pawan Patil (Querist)
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04 November 2008 Dear Sir,

With reference to above subject I want to know about slum sale releating to income tax act

With best regards,

Vilas Choudhari

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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04 November 2008 Slumpsale is nothing but selling the business as a whole in single unit without ascribing any value for individual assets in the undertaking. The difference if any between the net book value of the undertaking and the cosideration will be taxable under the IT Act.

Ravikumar.G

Ravikumar.G (Expert)
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19 November 2008 It means transfer of one or more undertaking as a result of sale for a lump sum consideration without assigning any value to individual assets and liabilities transferred.

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