Capital Gains On Transfer of Capital Asset By A Partner/ Member To Firm/ AOP/ BOI - (New) Section 67(9) / (Old) Section 45(3)

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....capital asset (land, shares, building, etc.) • Transfer is to: • a firm • an Association of Persons (AOP) • a Body of Individuals (BOI) • In which the transferor: • is already a partner/member, or • becomes one as a result of the transfer • Transfer is by: • capital contribution, or....

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....evious year in which such transfer takes place. The amount recorded in the books of account of the firm as the value of capital asset, shall be deemed to be the sales consideration for the purposes of section 48. • Full value of consideration - for this purpose, the full value of the consideration will be deemed to be the amount recorded in the books of account of the firm, AOP or BOI....

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....m u/s 45(3). Please note: At present, there exists Intricacies in application of Section 45(3) in the light of Section 50C and Section 56. There are dissenting views among Judgements, authors and experts. Keeping in view, various provisions, discussions etc, it can be concluded that in cases of transfer of capital asset by a partner in the partnership firm, the genuineness of the transaction h....