A transfer of a capital asset by a partner to a firm under income tax
COMPUTATION OF CAPITAL GAINS ON TRANSFER OF FIRMS ASSESTS RTO PARTNERS AND VICE VERSA
When a firm transfers an asset to a partner: The fair market value (FMV) of
CONSEQUENCES
Penalties :The Income Tax Department can impose penalties on taxpayers who fail to comply with
CASES WHEN EXCEMPTION IS TAKEN BACK
When the conditions for the exemption are not met For example, if an exemption is
WITHDRAWAL OF EXCEMPTION IS GIVEN BY SECTION 47
Withdrawal of exemption given by section 47 under income tax is a provision that allows
RULE OF SECTION 45(2)
Section 45(2) of the Income Tax Act, 1961 deals with the taxation of capital gains
SUPREME COURT RESPONSIBLE FOR RULING THIS RULE
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COMPUTATION OF CAPITAL GAIN IN THE CASE OF CONVERSION OF CAPITAL ASSEST INTO STOCK IN TRADE
When a capital asset is converted into stock in trade, it is considered to be
CAPITAL GAIN IN CERTAIN SPECIAL CASES – HOW TO COMPUTE
Capital gain in special cases under income tax There are a number of special cases
CERTAIN TRANSACTION INCLUDED IN DEFINITION OF TRANSFER
Section 2(47) of the Income Tax Act, 1961 defines “transfer” as the transfer of a