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IMPLICATION OF ASSETS TRANSFERED TO PARTNER ACCOUNT

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(Querist)
24 February 2011 Property held in partnership transfered to capital account before dissolution, is any tax implication on transfer of assets, property which is to transfered to partner account is situated at jammu Kashmir and rented out.
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M KRISHNAKUMAR

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M KRISHNAKUMAR (Expert)
24 February 2011 yes sec 45(4) will attract. capital gain taxability for the firm. capital gain as computed below:

FMV at the time of transfer- value of asset as per books( index if long term)

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