Selling Fixed Assets To Our New Company

Rashid mohd
watch_later 2 years, 11 months ago

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

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1 Answer

GST Payer watch_later 2 years, 11 months ago

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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