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of <h1>Tax Implications of Capital Asset Transfers Under Sections 45(4) & 9B: Key Guidelines and Compliance Procedures</h1> Sections 45(4) and 9B of the Income Tax Act address the tax implications of transferring capital assets to partners or members during the dissolution or reconstitution of a specified entity. Section 45(4) stipulates that profits or gains from such transfers are taxable as capital gains for the specified entity. The income is calculated using a formula that considers money and fair market value received, minus the capital account balance. Section 9B treats the receipt of capital assets or stock in trade by a specified person as a deemed transfer, taxable under business or capital gains. Guidelines and procedures for compliance are established, including the filing of Form No. 5C.
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