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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill 2025: Asset Transfers During Dissolution or Reconstitution Taxed as Business or Capital Gains Income</h1> Income Tax Bill 2025 outlines that when a specified person receives a capital asset or stock-in-trade from a specified entity during its dissolution or reconstitution, the entity is deemed to have transferred these assets to the person in that tax year. The profits from this deemed transfer are considered the entity's income and are taxable under business or capital gains. The fair market value at receipt is deemed the full value of consideration. Guidelines to address difficulties in applying these provisions can be issued by the Board, with parliamentary oversight, within two years from April 1, 2026. Definitions for 'specified entity,' 'specified person,' and 'reconstitution' are provided.
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