partner sold property to firm 6000000
stamp duty value - 8000000
so difference amt 2000000 concept of gift apply to firm or not ??? and taxable in income from other sources ???
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income from other sources
Replies (16)
yes..gift taxation shall apply
taxable in iOS.
i think not apply
because the gift concept apply to only individual and huf
no.no.
but i required clarification for that
are u talking about A.Y.2017-2018.
from A.Y. 2018-2019,gift taxation shall apply to all assessee( sec.56(2)(x)).
from A.Y. 2018-2019,gift taxation shall apply to all assessee( sec.56(2)(x)).
earlier year
10 - 11
Okk.
u r ryt in ur case.Sec.56(2)(vii).
u r ryt in ur case.Sec.56(2)(vii).
not taxable ??
as per sec 45(3) cap gains tax attract on amt recorded in books
as per sec 45(3) cap gains tax attract on amt recorded in books
ie on 60 lacs not on 80 lacs &. tax in hands of partner s
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