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Transfer of fixed assets
two individuals where having separate propietery ship firm, now they have dissolved it. now they have form a partnership firm, they want to transfer the fixed assest which was used in propitership firm to partnership firm, what will be the tax implications, how gst and income tax will be applicable, two individuals are husband and wife
Replies (6)
FMV of the assets would be treated as each partner's contribution in the firm. No IT or GST liable.......
whether capital gain taxable would be applicable
Yes ..... while dissolution of proprietorship firms, for any difference of values as per BS and its FMV...
Capital gain will attract at the time of contribution in the hands of the individual. Amount recorded as capital will be the sale value in the hands of individuals
no capital gain will arise...
whether gst would be applicable or not
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