sir
I want to sale my business before a partnership firm, my capital as on 31/3/2018 is 20,00,000/- o/s liability 5,07,000/- and cash in hand 2,17,000/- cash at bank is 400000/_ balance AMT is sundry debtors. now my question is if I sale my business 18,00,000/ what is tax impact?
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sale of business
Replies (2)
You are transferring the right to carry on the business to the said firm, hence the amount received or receivable would be taxed under the head "Income from Capital Gain".
STCG will be attaracted as per section 50B slump sale as you are transferring your business undertaking as defined u/s 2(19AA).
Difference between the sale consideration and the net worth will the the STCG.
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