Capital gain on property transferred on dissolution of partnership firm
This query is : Resolved
28 May 2024
Dear Experts,
An individual, who was a partner in a partnership firm has received an immovable property from
the partnership firm on account of dissolution on 31/10/2006 at book value.
Now the said transferred property is getting sold by the receiving partner. In this case what will be the cost for the purpose of capital gain - Book value OR cost to partnership firm on purchase of property. Purchase made in July 2000.
Please advice
Regards,
An individual, who was a partner in a partnership firm has received an immovable property from
the partnership firm on account of dissolution on 31/10/2006 at book value.
Now the said transferred property is getting sold by the receiving partner. In this case what will be the cost for the purpose of capital gain - Book value OR cost to partnership firm on purchase of property. Purchase made in July 2000.
Please advice
Regards,
28 May 2024
Whether firm paid liable capital gain over the property in AY 2007-08?
28 May 2024
In that case, consider it as Book value on the date of dissolution.
29 May 2024
Thanks!!
In case firm was not liable then in that case what would be the cost?
In case firm was not liable then in that case what would be the cost?
29 May 2024
Declaration and liability over CG is different. If it was declared, no change.
Otherwise, cost to the firm.
Otherwise, cost to the firm.
05 September 2024
Good Luck.
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