We an India Pvt.ltd.company hold 22kg of gold ingots.Pls detail implication of comfortable circumstances export tax?
Co.is a partner within a firm doing a business of Gold & gems.
The said gold ingots is invested in the firm & the company earn an intrest on the gold ingots given to the firm(partnership)
Answers:
It have become income generate asset as it is get converted into stock in trade. So richness import tax is not applicable
Since it is a wealth asset and the total pro if it is more than Rs 15 lacs after you shall be liable to discharge privileged circumstances tariff
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The said gold ingots is invested in the firm & the company earn an intrest on the gold ingots given to the firm(partnership)
Answers:
It have become income generate asset as it is get converted into stock in trade. So richness import tax is not applicable
Since it is a wealth asset and the total pro if it is more than Rs 15 lacs after you shall be liable to discharge privileged circumstances tariff