Levy of capital gains tax - in the year in which the dissolution ...

Capital Gains Tax Applied During Firm Dissolution or Asset Distribution u/s 45(4) of the Income Tax Act.

July 24, 2012

Case Laws Income Tax HC

Levy of capital gains tax - in the year in which the dissolution of the firm takes place or year in which consequent to such dissolution the distribution of assets takes place as per Section 45[4] - HC

View Source

← Previous Next →

Levy of capital gains tax - in the year in which the dissolution ...

Capital Gains Tax Applied During Firm Dissolution or Asset Distribution u/s 45(4) of the Income Tax Act.

July 24, 2012

Case Laws Income Tax HC

You may also like:

Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

Addition u/s 45(4) on account of revaluation of assets - distribution of the revaluation amount to the partners capital accounts during the continuation of the firm -...

Capital gain u/s 45(4) in partnership firm on retirement of a partner - dissolution/reconstitution of partnership firm - the provisions of Section 45(4) would not be...

Capital gain - transfer - revaluation of assets - partnership firm - retirement of one partner and reconstitution of firm with new partners - applicability of Section...

Partnership firm - in the case of dissolution of a firm, only the firm is taxable on capital gains on dissolution under Section 45(4) of the Income Tax Act, 1961 and...

Conversion of the partnership firm into a Pvt. Ltd. company - Violation of the conditions u/s 47(xiii) - part capital was allotted as shares to erstwhile partners and...

The CIT (Appeals) correctly invoked Section 45(4) to tax the increase in partners' capital accounts due to revaluation of firm assets, as this constitutes transfer of...

Capital gain - effective date of Conversion of capital asset into stock in trade - till the time the owner himself either converts the capital asset into stock-in-trade,...

Capital gain u/s 45 - Transfer of assets from partnership firm to Private limited company – section 45(4) is not attracted as the very first condition of transfer by way...

Capital gain u/s 45(4) - payment to the retiring partners - All that happened was the firm's assets were evaluated and the retiring partners were paid their share of the...

Capital gain - liability to pay tax - The liability, if any, to pay the tax is on the partnership firm in view of Section 45(4) of the Act. Besides, the duration of a...

Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection...

Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

Capital gain tax u/s 45 - shares distributed in family settlement - this Tribunal is of the considered opinion that there is no transfer of capital asset, hence, it is...

Quick Updates: