CAPITAL GAIN
This query is : Resolved
05 March 2009
IN A FIRM X AND Y ARE PARTNER HAVING LAND OF 1 LAC. ON 1.10.2003 M AND N ADMIITED AS A NEW PARTNER AND VALUE THE LAND 2 LAC, AND DUE CREDIT GIVEN TO OLD PARTNER, AND PAID FOR. NOW NEW FIRM HAVE PARTNER M AND N. ON 1.8.2006 FIRM CONVERTED IN TO PRIVATE LIMITED COMPANY. WITH DIRECTOR M AND N. COMPNAY NOW WANT TO SALE LAND. WHAT WILL BE CAPITAL GAIN TAX IN THE HANDS OF FIRM ON A.Y. 2004-05 AND IN HAND OF COMPANY ON A.Y. 2009-10. THE SALE CONSIDERATION IS 10 LAC.
05 March 2009
the cost of the land is previous owners cost when he introduce the same & the valuation taken when two partners are admitted so this is cost of improvement & capital gain is to be computed on this basis
05 March 2009
SIR PL. CLEAR THE CAPITAL GAIN TAX INCIDENCE IN CASE OF FIRM WHEN LAND IS REVALUED i.e., WHEN NEW PARTNER ADMITTED AND OLD PARTNER RETIRE AND IN CASE OF COMAPNY WHEN IT IS SOLD. ASSUME FIRM PUR/ LAND FOR RS. 10000 ON 1.4.81.
07 March 2009
SIR PL. CLEAR THE CAPITAL GAIN TAX INCIDENCE IN CASE OF FIRM WHEN LAND IS REVALUED i.e., WHEN NEW PARTNER ADMITTED AND OLD PARTNER RETIRE AND IN CASE OF COMAPNY WHEN IT IS SOLD. ASSUME FIRM PUR/ LAND FOR RS. 10000 ON 1.4.81. THANKS IN ADVANCE
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
