Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 March 2014
A person brings his land (held it for nearly 10 years to a partnership firm as his capital. Later the firm (within one year) sells the land. Kindly tell me the point/s at which capital gain is applicable.
17 March 2014
capital gain calculation:
sale consideration (fair market value as on date when a person brought asset in the business)-value 1
Less Indexed cost of acquisition
=Long term capital gain
Business Income
sale consideration of land
Less cost of land -(value 1)
development exp
=taxable business income
sale consideration (fair market value as on date when a person brought asset in the business)-value 1
Less Indexed cost of acquisition
=Long term capital gain
Business Income
sale consideration of land
Less cost of land -(value 1)
development exp
=taxable business income
18 March 2014
1. Transfer of asset by a person to a partnership attracts capital gain u/s 45(4).
2. The amount recorded in the books of the firm shall be the sale consideration.
3. However, in case of land or building, Section 50C will be attracted and the stamp duty value shall be taken to be the sale consideration.
2. The amount recorded in the books of the firm shall be the sale consideration.
3. However, in case of land or building, Section 50C will be attracted and the stamp duty value shall be taken to be the sale consideration.
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