Transfer of capital asset by proprietor

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MOHIT KUMAR TOMAR (Querist)

04 August 2018 What is the tax treatment of transfer of capital asset by proprietor of one business to another business of the same proprietor?

Nikhil Kaushik

Nikhil Kaushik (Expert)

04 August 2018 there is no impact...all the assets, as far as income-tax is concerned, rest with he proprietor only.

Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)

04 August 2018 actually transfer of assets after implemented the GST proper sale invoice to be raised to another company with GST tax if the company is registered the GST, before sale the asset calculate the depreciation upto the date and work out the capital gain. So sale of assets will be tax in income tax if it gives profit or loss will be deducted in income tax payment, as well as output GST charges in invoice for sale of assets is liable to pay and same ITC will be allowed to take from another company.

Nikhil Kaushik

Nikhil Kaushik (Expert)

04 August 2018 dear fellow expert, please refer to the query first. is it for a company or for a proprietor?

Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)

04 August 2018 its for a registered company, for a proprietor transfer of assets is just transfer note

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