Transfer of stock within the meaning of transfer u/s 2(47)

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Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 Dear sir,

If a partner takes the stock held by the firm not on account of dissolution can that be regarded as transfer under section 2(47) of Income tax act

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

05 August 2013 the ans is no.
as per sec 49 it does not amount to transfer.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 Thank you sir but the acquisition is not on account of dissolution..and that stock when sold by the partner in individual capacity will that amount to transfer. Actually the firm carries on property development and the stock is residential flats. when partner registers those flats in his name and subsequently sell them what tax implication do that have sir.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

05 August 2013 if it was not on account of dissolution then it will be taxable.

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 In whose hands it is taxable sir..firm or the Partner

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

06 August 2013 it will be taxable in the hands of firm.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 But under which section sir..can u please clearly state me the tax implication