Transfer of capital assets
This query is : Resolved
25 July 2012
What is the consequences of transferring capital assets to continuing partner by partnership firm?
25 July 2012
In my opinion it should be subject to capital gain.
25 July 2012
And Sales Consideration for the same will be the amount received from /debited to the partner.
.
Book Value of the asset will be treated as cost of Acquisition.
.
The firm will be liable to pay CG tax , if there be any.
.
Book Value of the asset will be treated as cost of Acquisition.
.
The firm will be liable to pay CG tax , if there be any.
26 July 2012
In my opinion, the fair market value will be taken as the sale consideration, if it is more than the amount recd/debited to the partner. The reason is that it will be treated as transaction between persons specified in sec 40(2)(b).
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