A company incorporated under the Companies Act, 2013 being an artificial person, is not entitled to sue a natural person or to sue another company incorporated under the Companies Act, 2013. Comment
Click here to view / answer Share it onHello Friends,
An individual having commercial property in his personal name was transferred as an asset in his partnership firm by way of J V Partnership Firm is claiming depreciation deduction and also showing rent from the property as income Now the commercial property is to be sold Since the property is in individual name sale proceeds will come in his personal account My question is who will bear capital gains tax, individual or firm and if taxed in individual hands how to write off an asset in firm books?
Hi All
For a company incorporated in the Companies Act, 2013, the AOA &
MOA has already been drafted under the previous Act?
Do we need to file SPICe Forms INC-33 & INC-34 in case of alteration?
Whether a Nominee Director can be prosecuted in case of dishonourment of cheques merely because he is a director, where cheques issued by the company before the resignation of nominee Director and dishonourment takes place after such resignation?
Click here to view / answer Share it onThe National Company Law Tribunal (NCLT) has initiated insolvency proceedings against McDowell Holdings Ltd and appointed an interim resolution professional. The Bengaluru Bench of NCLT admitted the plea filed by Sun Star Hotels and Estate Pvt Ltd, a financial creditor of the erstwhile Vijay Mallya-promoted company, claiming default of Rs 16.80 crore. he insolvency tribunal has also appointed KR Raju as the interim resolution professional of the company in its order passed on April 8, 2022.
Can anyone do share the more details about the case.?
Dear Members,
I company Y Ltd holds one sixth of the total debentures issued by the company X Ltd, can Z Ltd provide loan to Y Ltd on debentures to be kept as security. IS debenture a security for a company in case company Y Ltd default payments, what are the key points to be looked into.
Kindly advise on the above transaction, Thanks in Advance
U/s 47(xiii) any transfer of a capital asset by a firm to a company is not treated as Transfer provided, there is 4 conditions.
1 All the assets and liability of the firm before the succession become the asset and liability of the company.
2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm.
3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company
4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession. My query is if we observe all the above-stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company. or we need to observe some other conditions as well to proceed.
if any other conditions are also required kindly explain the same
I filed a belated return for the A.Y 2018 - 2019 with a business loss due to Unabsorbed depreciation. Can I carry forward the respective unabsorbed depreciation in the current A.Y 2019 - 2020?
Click here to view / answer Share it onAn assessee has purchased a house property for 3 crores out of sale proceed of a vaccant site of Rs. 6.25 crores. After purchase of the new house property he has spent around Rs 60 lakhs for installing Air Conditioners. solar Energy system, Moduler Kichen, LED Televisions, screens and blinds for windows,, etc and made cub boards , spent labour on them, to make the house to suit his needs and habitable for his style of living.
The assessing officer disallow all the above allowing only 10 % of them saying that the builder himself has provided main facilities. whether his dis allowance is correct?
Society is under redevelopment in which assessee is a flat owner . Assessee is to receive larger flat (with additional area of say 500 sq feets) against old flat, out of 500 sq feets assessee is relinquishing rights on 200 Sq Feets to developer against a consideration. Taxability of such consideration ??
Click here to view / answer Share it onFather and son wish to buy residential property jointly. Father shall be claiming exemption u/s 54 ( he shall sell his owned residential property and invest in new one jointly with son). lets see by example: New property purchased on 25/12/2019 for 1.5 crs Fathers' estimated capital gain from sale of his old property 40lakhs. Father's residential property has to be sold within one year of the purchase of new property to claim under 54. If he is unable to sell the old property before 25/12/2020, what shall happen? Can he invest in the new property ( for claiming u/s 54 ) by buying 1/3rd share of the new property from his son? What shall be the stamp duty on the same?
Click here to view / answer Share it onJDA was entered in F.Y. 2004-05 and flats acquired from JDA were sold in F.Y. 2014-15, while no tax has been till now, whether old provisions or new (as per Sec. 45(5A)) would be applicable now?
Click here to view / answer Share it on