If a company gets its land, valued at more than its book value, at the time of amalgamation, will it be subject to capital gains or any other tax ?
Menu
Amalgamation
Replies (2)
in case of amalgamation it is not even transfer of asset.......... as per sec 47 of IT act so there is no capital gains
Any transfer in the scheme of the amalgamation, of capital assets by the amalgamating company to the amalgamated company, if the latter company is an Indian company, such transfer is not regarded as transfer for the purpose of Se.45 [Refer Sec.47 (vi)]. Hence, not liable for capital gain tax.
Recent Topics :
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
Related Topics :
CAclubindia
