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SIR, our client is carrying business It is a ASSOciation of
individuals.Can you say whether it is a AOP or BOI.my doubt
is that AoP includes persons for a common purpose But
according to I>T act PERSON includes individuals also
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Sir, I request you to please solve my problem as given below- One Corporate is having Manufacturing unit and Trading unit also. That corporate prepared joint Balance sheet & Profit & Loss account. As given below - Corporate 1 2 Manufacturing Unit Trading Division Annual Profit by sale of product Annual profit by sale of Product Manufactured with the help of out sourced from open market for Fixed Assets ( Land,Building,Plant & Rs.150 Crs and sold for Rs.200Crs. Machineries of Rs.100 Crs. Net Profit – Rs. 5 Crs. Net Profit -Rs. 50 Crs. Total Income by clubbing both - Rs.55 Crs. But – that Corporate can avail depreciation Rs. 5 Crs only and rest amount of depreciation may be forwarded to next year. Because depreciation is meant for actual uses of Fixed assets. Otherwise Corporate used to increase the value of assets by over billing just to get benefit of depreciation from the income . Income from trading may be manipulated easily but not from manufacturing.
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There are three partners in a partnership firm. The firm has office premises in the name of firm. Depreciation on this asset is charged every in the books of the firm. Now after depreciation the book value of this assets has become Rs. 1000. Whereas the market vakue of this premises id Rs. 10 crorer. To bring this property at MV the partners revalued this premised at Rs. 8 crorers in the books of the firm and accordingly credited partner's capital account in their profit sharing ratio. My questions are as under. What is the income tax liability of the firm on revaluation? What is the income tax liability of partner of each partner on revaluation and credit to his capital account. In future whether depreciation to the firm is allowed on revalued amount under the income tax act. What happens to the tax liability if one partner withdraw his entire capital from the firm which includes credit on revaluation of office premises? When partners can withdraw out of their credit balance in their capital account without attracting any tax liability either by the firm or by partner? What happens if one partner retires and he gets amount equal to his capital account which inclides credit on account of revaluation? is there any tax liability to the retiring partner?
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