Personal asset to business capital

Tax queries 179 views 3 replies

Rajesh PB

80 Points Joined June 2017

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)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209227 Points Joined July 2016

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

Rajesh PB

80 Points Joined June 2017

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 ?