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TMI BlogSTOCK IN TRADE AND FIXED ASSETS TRANSFER TO PARTNERSX X X X Extracts X X X X X X X X Extracts X X X X ..... STOCK IN TRADE AND FIXED ASSETS TRANSFER TO PARTNERS X X X X Extracts X X X X X X X X Extracts X X X X ..... T implications for transferring this stock to a partner? (B) How should GST be treated for stock-in-trade purchased before the GST regime was introduced?" Fixed Assets Transfer: (A) "For fixed assets transferred to a partner during the business closure in 2022, how should GST be applied? (B) Are there specific considerations for assets acquired before the GST period?" Income Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Liability: Stock-in-Trade Transfer (A) "What are the income tax implications for transferring stock-in-trade to a partner when the business closed (B) How should the fair market value be reported, and how is the potential tax liability determined?" Fixed Assets Transfer: "What are the income tax liabilities related to the transfer of fixed assets to a partner during the busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess closure? How should the transfer value be handled for assets acquired before the GST period, and what impact does this have on tax calculations?" Final Compliance and Reporting: Final GST Compliance: "What final steps should be taken to ensure compliance with GST regulations when closing a business and transferring assets, particularly with stock-in-trade and fixed assets acquired ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the GST implementation? Are there specific reporting requirements or adjustments needed?" Final Income Tax Compliance: (A) "What are the final compliance requirements for income tax when closing a business, including the transfer of assets? (B) Are there any additional filings or adjustments needed beyond the NIL income tax return already filed?" Surrendering PAN Card: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "What is the process for surrendering a PAN card after closing a business? I have already filed the GST surrender application. Could you guide me on how to formally surrender the PAN card? Are there specific forms or procedures to follow?" Documentation and Procedures: "Are there any specific documents or forms required to surrender a PAN card? What steps should be followed to ens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure that the PAN is successfully deactivated and all related obligations are fulfilled?" Reply By Shilpi Jain: The Reply: Transfer of stock to partner by a firm will be a supply and liable to GST. There would not be much of a difference whether such goods were purchased pre or during GST regime. Reply By vaibhav kumar: The Reply: Respected Mam, I am seeking your expertise on two importa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt matters related to GST and Income Tax. I would greatly appreciate your guidance on the following issues: * GST Revocation and Sale to Partner/ or Customer: * I have already filed an application for GST No. surrender, and the GST department has suspended the GST number 3 years back. Is it possible to revoke the GST number under these circumstances? * If revocation is possible, can I proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eed with the sale of the business or its assets to a partner or any other person and issue a sales bill in this context? Please advise on the appropriate steps and any implications of doing so. * Additionally, if the stock has a book value of ₹10 lakh but its actual market value is only ₹1 lakh, how should this discrepancy be handled under GST when issuing the sales bill? * Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Aspects and Capital Gain Calculation:
* I need clarification on the income tax aspects concerning the transfer of stocks or shares. Specifically, I am interested in understanding how to calculate the capital gain on such transfers.
* Could you provide a detailed explanation of the process for calculating capital gains, including any relevant exemptions or deductions that may apply? X X X X Extracts X X X X X X X X Extracts X X X X ..... Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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