1042 (Income tax) Is sale and transfer the same thing? (Concept) Case Methodology - Harvard Case Model Video Link - https://youtube/watch?v=46KLeySuH3g Narration- By Amlan Dutta Yes , but why -----understand the concept here ....say i sell my bandra flat to Ashok , what results is actually a transfer , because the flat ownership is now changing hands i.e getting transferred from me to ashok Often while you read books on tax and law , you will see the term transfer frequenting such articles and start wondering how they use the term so interchangably with sale but when you actually understand the total picture you will realise the sale is simply resulting in a transfer of ownership of the same capital asset ! When you study incoterms in commerce this is a commonly employed concept . When we say Exworks , the ownership gets transferred from the seller to the buyer as soon as the goods leave the factory of the seller ! However if the terms of the sale are FDD (free door delivery ), the ownership changes hands from the seller to the buyer only once the goods reaches the buyers warehouse . So, when the good is in transport , the responsibility lies with the seller because the ownership is yet with him If you understand something , please share your knowledge ratger than liking my page or subscribing to my YT channel which honestly makes no difference to my life , but your helping other people does ! Peace , Amlan Dutta
Posted on: Wed, 29 Oct 2014 17:28:56 +0000
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