Query related to capital gain?
Querist : Anonymous
There are three partners in a firm and one is retiring.So his capital is settled by giving him land.
My query is:
a)Wheather value of land is to be taken on market value or book value?
b) And say, If book value of land is 5k and its market value is 8k, then who will pay tax on capital gain and at what rate?
Capital gains will be paid by firm.
Querist : Anonymous
Wheather land given to retiring partner will be considered as transfer?
The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise8, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer
Querist : Anonymous
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