A partnership wants to transfer some of it's plant and machinery, WDV 70L, to a third party. The P&M has a correspondingloan of 20L. So, the firm plans to transfer both the P&M and Loan along with it to the third party. No other consideration will be paid by the third party. How can this be adjusted in the books of partnership firm to avoid tax liability. Also, waht will be the tax liability in the hands of the 3rd party who's a newly incorporated Proprietorship firm.
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Transfer of immovable property
Replies (2)
if transfer to find out weather c g apply for the transaction
what effect u have given in last year for p&m and its loan
question raise on what considertion u have received
after trafsfering the assets to third party
and what will u show as third party
in your books question will raise from such kind of
transaction from it
since it's a depreciable asset STCG will arise if I am right
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