Question
During 2019/20, John sold and gifted the following assets: sold the old Factory on 10/1/2020 and purchased another replacement Factory on 20/4/2020, both used for
During 2019/20, John sold and gifted the following assets:
sold the old Factory on 10/1/2020 and purchased another replacement Factory on 20/4/2020, both used for business purposes. He is wishing to claim Rollover Relief for the gain from the sale of Factory.
He gifted Quoted shares of ABC plc. to his daughter and wishing to claim Gift Relief.
He gifted his Factory to his daughter and wishing to claim Gift relief
Explain the conditions to claim the various reliefs and connect it to the case study given above. Advise him with the reasons which gain is not eligible to claim any relief and why?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
a As per the Capital Gains Taxation Provisions where an assessee transfers any capital asset being P...
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Step: 2
Step: 3
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Ethics for the Information Age
Authors: Michael J. Quinn
7th edition
134296540, 9780134296623 , 978-0134296548
