slump sale
This query is : Resolved
20 December 2008
what is slump sale?what are the provision in income tax act relating to slump sale?
Is slump sale liable for sales tax?
Is slump sale liable for sales tax?
21 December 2008
Slump sale means transfer of one or more undertaking as a result of sale for a lump sum consideration without assigning any value to individual asets and liabilities transferred. Section is 2(42C). Slump sales attracts capital gains tax u/s 50B. Sales tax (now KVAT) depends on the respective state legislature.
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