https://www.taxtmi.com/acts?id=47050 Amendment inserts subsections making gains on transfer of capital assets to a firm or association (where transferor is or becomes partner/member) taxable as the transferor's income, deeming the value recorded in transferee's books as full consideration; treats distribution of assets on dissolution as firm/association income with fair market value deemed full consideration; and provides that where compensation/consideration fixed by government or Reserve Bank is later enhanced by authority, initial compensation is taxed in year of transfer while enhanced amount is taxed when received, with acquisition/improvement costs for the enhancement taken as nil and applicability to prior transfers and successors in receipt. en-us Tue, 07 Jan 2025 12:08:46 +0530 Tue, 07 Jan 2025 12:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47050 Amendment inserts subsections making gains on transfer of capital assets to a firm or association (where transferor is or becomes partner/member) taxable as the transferor's income, deeming the value recorded in transferee's books as full consideration; treats distribution of assets on dissolution as firm/association income with fair market value deemed full consideration; and provides that where compensation/consideration fixed by government or Reserve Bank is later enhanced by authority, initial compensation is taxed in year of transfer while enhanced amount is taxed when received, with acquisition/improvement costs for the enhancement taken as nil and applicability to prior transfers and successors in receipt. Act-Rules F. Acts / Amendment Acts Tue, 07 Jan 2025 12:08:46 +0530 https://www.taxtmi.com/acts?id=47050