Re: Capital Gains
by [312] Guest on 30-Nov-08, 04:26 AM
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1. As per R Lingmallu,
"When a partner retires from firm and receives assets from the firm it cannot be said that he has transferred his share in the firm"
Is'nt this covered u/s2(47)-the extinguishment of any right ?
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Re: Capital Gains
by [312] Guest on 09-Dec-08, 06:01 AM
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Yes
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Re: Capital Gains
by [312] Guest on 12-Dec-08, 08:33 AM
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it is a transfer
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Re: Capital Gains
by [312] Guest on 06-Jan-09, 06:31 AM
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NO ITS NOT A TRANSFER
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Re: Capital Gains
by [312] Guest on 27-Jan-09, 08:24 AM
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It is a transfer by the company and not by the partner as per a judjement
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Re: Capital Gains
by [312] Guest on 15-Feb-09, 09:08 AM
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Expl.7 to Sec 43(1) says that Actual cost of capital assets in the hand of amalgmated co. shall be the same as in hands of amalgmating co.
Expl.2 to Sec 43(6) says that Actual cost of block of assets in case of amalgmated co. shall be wdv of the block in the hands of amalgmating co.
Sec. 49 says cost of acquisition to the amalgmated co. shall be the cost to the previous owner i.e amalgmating co.
Now Expl.7 to sec.43(1) is for non depriciable assets and Expl.2 to sec.43(6) is for depriciable assets. Then which types of assets are covered u/s 49 ?
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Re: Capital Gains
by [312] Guest on 09-Jul-09, 01:52 AM
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Re: Capital Gains
by [312] Guest on 04-Oct-09, 06:41 AM
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Re: Capital Gains
by RAVEESH [3] Member on 25-Nov-09, 09:27 AM
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Respected Sir,
a person sold his industrial plot and deposited the money received in specified schemes registerd for cap gains within the the time, now he again purchased an industrail plot and want to use the money in construction of the same, Can he use the money and claim exemption? the indusrty plot he purchased in agian in an urban area as before.
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Re: Capital Gains
by [312] Guest on 29-Nov-09, 03:56 AM
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