[aaykarbhavan] Market value of assets at time of their distribution on dissolution of firm deemed as cost in hands of partner

Market value of assets at time of their distribution on dissolution of firm deemed as cost in hands of partner

June 5, 2014[2014] 45 taxmann.com 247 (Lucknow - Trib.)

IT : In view of provisions of section 45(4), in case of dissolution of firm, if capital assets are distributed, cost of acquisition of capital asset in hands of recipients or partners would be Fair Market Value of asset on date of transfer, which was to be taken into account for computing profit and gains of firm on transfer of capital asset on its dissolution

 

Regards

Prarthana Jalan

__._,_.___

---

Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

---

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Visit Your Group

• New Members 1

• Privacy • Unsubscribe • Terms of Use