capital gain on dissolution of society

daljit singh sandhu (Querist) 12 October 2010 This query is : Resolved
Society running a school is to be dissolved and two new socities will be given the assets of the dissolved society.Please advise whether the immoveable property given to the new society has to be registered in its name and satmp duty has to be paid on it.And also advise whether any capital gain is chargeable on dissloution of the old socity. The immoveable property is worth about 10 crores in the hands of the old society being dissolved.Please advise

D

Follow Query

Report Abuse

Raj Kumar Makkad (Expert) 12 October 2010
There shall be a clause of dissolution in the constitution of the old society to the effect that on its dissolution, entire assets and liabilities shall be transferred to the society having the similar objects. This transfer word implies that there is n need of its formal registration with registrar. Transfer-Deed or a settlement in civil court is sufficient.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now