Capital gains tax
This query is : Resolved
20 June 2009
Partnership Firm initially started with father, sons with an uncle, but later reconstituted with father, mother and sons.
Can the immovable assets [land, building] of the partnership firm, be allotted to the partners [all within the family], without any long term capital gains ? ie., through a family partition or settlement deed ?
Thanks
Kris
Can the immovable assets [land, building] of the partnership firm, be allotted to the partners [all within the family], without any long term capital gains ? ie., through a family partition or settlement deed ?
Thanks
Kris
21 June 2009
Yes, capital gain arise in your case
21 June 2009
it will be taxable
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