Capital gains tax on distribution of assets to partners
Querist : Anonymous
Now,will the capital gains tax attract or not?, the book value of land as on date is Rs.50 lacs, now the fair market value of same is Rs. 1.5.crore,
pl clarify the same
only in the case of transfer of capital assets. It is stock in trade for the firm and the profit arising if any on such sale/ transfer will be treated as business income in the hands of the firm. Section 50C will also not apply for stock in trade.
Querist : Anonymous
Once transferred in the hands of partners such shall become their capital asset.
They can individually sell their part and cost of acquisition shall be taken the amount on which they got it from firm.
only, it is indicative that the firm is still in continuation.
.
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