Sir/Mam
When AB & Co. i.e. Partnership firm having 2 Partners i.e. A and B, is dissolved then on the date of dissolution all the assets and liabilities are tranferred to a Mr. A.
Then what are the Tax implication in the hand of partnership firm when it has trasferred its depreciable assets, debtors, advances and creditors to Mr. A.
and how to compute it.
Kindly Resolve my Query as soon as possible.
Like in Balance Sheet , Car having WDV of 150000
computation would be ?
FMV being sale consideration - 200000
less: - WDV of Car - 150000
STCG 50000 as per sec 50
kindly correct if i am wrong
can i apply provisions of section 50B here
and calculate capital gain as under
lumpsump consideration minus net worth
Abic and Mani Chartered Accountants
Kottayam
B.Com
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