Tax on Dissolution of partnership
This query is : Resolved
Raghunandan H V
(Querist)
28 February 2008
1. If a partnership is being dissolved and some of the assets are transferred to the partners. What will be the Sale consideration for CG purpose.
2. Will it be LTCG or STCG (Depreciable - STCG, others LTCG based on usage?)
3.How is distribution of balance cash left on dissolution to the partners treated?
4. Please give details of any Case laws available in this connection.
2. Will it be LTCG or STCG (Depreciable - STCG, others LTCG based on usage?)
3.How is distribution of balance cash left on dissolution to the partners treated?
4. Please give details of any Case laws available in this connection.
28 February 2008
1.The Sale conscidration will be the value on which the assets transfered to the partner.
2.Yes,the sale considration will be indexing if having LTCG and STCG
3.The final balance sheet will be prepared and allocation of Asstes after deduct liblitey will be transfered in Partners capital a/c
2.Yes,the sale considration will be indexing if having LTCG and STCG
3.The final balance sheet will be prepared and allocation of Asstes after deduct liblitey will be transfered in Partners capital a/c
29 February 2008
FOR CAPITAL GAIN PURPOSES THE CONSIDERATION WILL BE THE AMOUNT AT WHICH ASSETS ARE TRANSFERRED TO PARTNERS
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
- Gst credit note by supplier
- Missed uploading GST Invoice
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
