Capital gain on transfer of asset without consideration

Transferring Plant & Machinery will have no tax treatment. It will be considered as gift & therefore is not considered as transfer u/s 47.

Cost of acquisition in the hands of proprietor will be cost in the hands of previous owner u/s 49(1). Capital gain will be computed in the hands of proprietor when he will sold the P&M. 

Transferring Plant & Machinery will have no tax treatment. It will be considered as gift & therefore is not considered as transfer u/s 47.

Cost of acquisition in the hands of proprietor will be cost in the hands of previous owner u/s 49(1). Capital gain will be computed in the hands of proprietor when he will sold the P&M. 

Originally posted by : Gagan Deep Singh
	Transferring Plant & Machinery will have no tax treatment. It will be considered as gift & therefore is not considered as transfer u/s 47.   Cost of acquisition in the hands of proprietor will be cost in the hands of previous owner u/s 49(1). Capital gain will be computed in the hands of proprietor when he will sold the P&M.

agreed.. :)

If there is only one P&M in block then the block become zero and balance will be teated as short term capital loss. Otherwise  agreed with Gagan Deep Singh