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Capital gains tax

This query is : Resolved 
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(Querist)
20 June 2009 Partnership Firm initially started with father, sons with an uncle, but later reconstituted with father, mother and sons.

Can the immovable assets [land, building] of the partnership firm, be allotted to the partners [all within the family], without any long term capital gains ? ie., through a family partition or settlement deed ?

Thanks
Kris
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Deepak Goel

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Deepak Goel (Expert)
21 June 2009 Yes, capital gain arise in your case
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
21 June 2009 it will be taxable
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