19 June 2009
Commercial land was purchased by a partnership firm from BDA[Bangalore development authority]in 1978. Partnership firm initially started with father and sons along with an uncle. Uncle later retired and partnership continued with father, mother and sons.
Q1 : If the immovable property [land] be divided among the partners of the partnership firm, will it be attracting capital gains tax and stamp duty ? Q2 : what is the tax consequence if the partnership firm is dissolved ? Q3 : what is the tax consequence if some partners leave the partnership firm, without any major payout.
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