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Accounts & taxation

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2012 We are three sisters and have a land which was gifted by our father in the year 1960 . And now we have formed a partnership firm to developed a building construction for commercial purpose. Now Questions are :

1) Is it needed to make valuation of the said land ?

2 ) If answer of 1 is yes, then what method should apply to make proper valuation of said land and it should be acceptable to I.T Authority??

3) and it is needed to pay capital gain tax when we are transferring the land to our farm as share of capital ??
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Trinadharao Adigarla

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Trinadharao Adigarla (Expert)
18 December 2012 1).Yes
2).Amount Recorded in the books of Account
Less:actual cost in Year of transfer from Father X indexed in the cost.

3).yes
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 December 2012
Thank you sir for replaying the questions
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