taxability on transfer of unquoted equity shares as capital contribution to partnership firm

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....axability on transfer of unquoted equity shares as capital contribution to partnership firm<br> Query (Issue) Started By: - CADEVKANT AGARWAL Dated:- 16-11-2018 Last Reply Date:- 18-11-2018 Income Tax<br>Got 4 Replies<br>Income Tax<br>dear all one of my client want to contribute unquoted equity shares as an capital contribution to partnership firm to become partner. he has some equity shares of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....which book value is rs. 10 lac as per aud. b. sheet on 31/03/2018, he want to contribute shares as capital contribution in partnership firm at less than book value and want to become partner. whether sect. 56 of income tax act attract that he cannot trf. the shares below book value of that company as capital contribution to partnership firm? Reply By KASTURI SETHI: The Reply: Contact Grievance....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s Redressal Cell. They will set Common Portal System as per order of the Deputy Commissioner. Such problems are solved immediately. Reply By Shrivats Pandey: The Reply: Sir kindly explain whom to contact as the grievance cell as told me to that they will tell the procedure to revocate the gstin cancellation Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: If the amount contributed is more than ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....&#8377; 50,000/- section 56 of the Income Tax Act would attract. Reply By CADEVKANT AGARWAL: The Reply: thanks Govindrajan sir Ok, i agree that sec. 56 will attract on firm, but in the hands of partner, > sec. 45(3) says that the full value of consideration for the purpose of sec. 48 will be the value at which the firm recorded in its books of accounts, > but as per sec. 50CA says that the f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ull value of consideration for the purpose of sec. 48 will be the fair market value. which deeming fiction will be applied? that is the confusion.<br> Discussion Forum - Knowledge Sharing ....