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Transfer of capital assets

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(Querist)
25 July 2012 What is the consequences of transferring capital assets to continuing partner by partnership firm?
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Suresh Mittal

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Suresh Mittal (Expert)
25 July 2012 In my opinion it should be subject to capital gain.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 July 2012 And Sales Consideration for the same will be the amount received from /debited to the partner.
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Book Value of the asset will be treated as cost of Acquisition.
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The firm will be liable to pay CG tax , if there be any.
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Suresh Mittal

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Suresh Mittal (Expert)
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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