watch_later 07/11/17

Dear sir,

if we had a old proprietorship company and now we are going to close this company and we have open new company with same person in huf , can we sell our old company all fixed asset to our new huf compnay. is it a legal or illegal

1 Response | Latest response: 14/11/17 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 14/11/17

Yes you can sell your old assets to new company. But you have to calculate profit/loss on sale of assets and charge income tax under capital gains.

Also if you are registered under GST, you will have to charge GST on this transaction.


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