Tax on sale of website

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M
148 Points Posted on 09 February 2019

Hello,

A foreign company is willing to purchase a website that I own. I have two options:

1) Sell the website and take the money in MY INDIVIDUAL SAVINGS bank account

2) Sell the website and take the money in CURRENT (CORPORATE) BANK bank account in the name of my firm

 

Which option will minimize my tax payable and help to get the maximum? Any opinion from experts will be really appreciated.

 

Thanks

 

 

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On 09 February 2019 at 13:55 Report
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Team Lead
7558 Points Posted on 09 February 2019
I believe that website was being used in carrying out the business of the firm. so ideally the proceeds shud get credited to your business account and not your personal account.
capital gains tax liability wud arise in this case. .you can claim exemption under 54EC by investING in capital gains bonds max upto 50lacs.
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On 09 February 2019 at 17:34

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