Answers On Topic: Section 9B
we need following clarifications 1] when a builder allotted a flat to a retiring partner , what are the entries to be passed by the firm ? 2] whether GST is applicable ? 3] whether 194IA is attracted ? 4] whether only sale- purchase is taxable ? 5] how to find cost of flat under construction? 6] how to report in Tax audit report ? 7] whether FMV=stamp duty value in this case ? 8] GAAR is applicable ?
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whether section 9B will apply of section 45[4] ? what is the distinction ?
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when a flat under construction is allotted to a partner, what is the entry to be passed by the firm/partner ? what is FMV u/s 9B in above case ? is form 5C compulsory ?
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Finance Act 2021 has introduced new provision of taxation on transfer of capital asset or stock in trade on dissolution or reconstitution of Partnership Firm and AOP vide new section 9B and amended section 45(4), A conversion of a Partnership firm under Chapter XXI of the Companies Act 2013 may not result into reconstitution of Firm or AOP. Hence above provisions may not attract ? This would mean that if self generated Gooldwill is bought into firms book by crediting partners capital acount and there after converting this firm into PVT LTD may not attract any tax ? Section 56(2)(10)…
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section 9B