Does Transfer of capital asset to creditor attract capital gains?
If yes what will be the consideration for the company and cost for the creditor??
transfer of capital asset to creditors is treated as transfer as per section 2 (47) of income tax act
it will attract capital gain tax
full value consideration is the consideration received or receivables by the transferor in lieu of assets, which he transferred
in the above case it is amount settled between debtor and creditors
extremely regret for commenting on section 46
please give me some time to correct it
CAclubindia
