Personal asset to business capital

I have a proprietorship business deal with silver jewellery. I have 10kg of silver in my personal assets valued 20000 per kg.

I want to introduce these silver in my business .

Current market value is 40000 per kg.

  • Should i pay capital gain soon after introduced in the business ? Or only after a sale made ?
  • Need to make a purchase entry in my business profile ? Hence need to pay GST in rcm? (Dated before november 2017)
  • Can you tell me which entry to be made in tally for the ans ☺️

Thank you 💐

Replies (3)
 

I have a proprietorship business deal with silver jewellery. I have 10kg of silver in my personal assets valued 20000 per kg.I want to introduce these silver in my business .Current market value is 40000 per kg.

Should i pay capital gain soon after introduced in the business ? Or only after a sale made ?

 

Need to make a purchase entry in my business profile ?  Yes, but contra entry

Hence need to pay GST in rcm? (Dated before november 2017).  NO

 

Thank you sir . If I sale silver 1kg for 41000, Totally 21000 profit . Should I pay capital gain for 20000 and 1000as profit ? Or 21000 as profit ? Is there any way to reduce tax sir ?

" Should I pay capital gain for 20000 and 1000as profit ? Or 21000 as profit?" 

"Is there any way to reduce tax sir?"      Invest the CG in section 54EC CGS bonds.....
 

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