Stcg by firm and planning

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venish (Querist)
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17 December 2012 a firm has transferred immovable asset(dep'ble) to retiring partner on which stcg levied so at at what rate it is taxable in the hands of firm??

is there any planning to avoid cg?

if it is transferred on oct 2012 so what would be procedure for advance tax by firm???

whether tds credit available in advance tax?

any imp clarification

thanks in advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 December 2012 1. STCG is taxable at the normal rate as applicable to the firm.
2. The firm can purchase another asset in the block up to 31.03.2013.
3. Advance Tax : Applies from 15-12-2012 on STCG amount.
4. Yes, Installment of advance tax can be calculated after considering the TDS Credit.
.

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