10 June 2016
Mr X purchases land for Rs 5 lacs in 2005 may Introduces to partnership consisting of him N his wife as his capital for Rs 13 lacs in 2010 September. Revalue the land to 5o lacs in 2012 and further to 52 lacs in 2013. Sells the land on 13.2.2016 for 16.5 crores. how can i Calculate ltcg/ stcg in the firm/ partner. In the example given earlier, the firm constructs a hotel on the land. Investment upto 2012 is 6 crores. Upto 12.2.16 is 12 crores. Upto June 2016 is 13 cr. As per regd agreement dte 13.2.16 to sell the building along with land is 28.5 crores. The door number recd in sep 2015. What is the on gain on building sale?
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