Richa & Co. (Firm) has sold all its Assets & Liabilities as a Slump Sale on 31.03.2025 to Ramesh & Co. (Firm) for slump sum consideration of ₹600 Lakhs. The Statement of Affairs of Richa & Co. as on 31.03

Answer 6(c) Computation of Long-Term Capital Gain (Unit owned for more than 36 Months) Particular Amount in Lakhs Sale Consideration 600.00 Less: Net Worth of Business transferred (Working Note-1) 454.27 Benefit of Indexation shall not apply Long Term Capital Gain 145.73 Tax on above at 20% u/s 112 of ₹145.73 29.15 Add: Surcharge at 12% (since the total income exceeds ₹1 Crore) 3.50 Tax and Surcharge Payable 32.65 Add: Health and Education Cess at @ 4% 1.30 Total Tax Liability under slump sale 33.95 Working Note: Calculation of Net Worth of Richa & Co. Particular Amount in Lakhs Fixed Assets at WDV as per the Income Tax Act (Other Assets- Revalued figure shall not be considered) 200.00 Land at Book Value 100.00 Sundry Debtors 380.00 Cash & bank balances 2.00 Loans & Advances 150.00 Stock (₹250 Lakhs * 100/110) 227.27 Total Assets 1059.27 Less: Liabilities Unsecured Loans 25.00 Bank Borrowings 500.00 Sundry Creditors 80.00 Net Worth 454.27