Partnership fixed assets sold
This query is : Resolved
24 May 2012
my client is a partnership firm. the firm held ag. land only. There werer no business since last 25 yrs. Now all the partners want to sale the ag land which was in the name of firm in govt. records. I want to know whether all the partner can sold the ag land. They are ready to pay Capital Gain Tax on behalf of the firm .
25 May 2012
The firm can sell the land. The capital gain will be taxable in the hands of the firm and not in the hands of the partners.
26 May 2012
Thanks for reply but main problem is that revenue authority demanded to quote any legal case or documents taht the partners of firm can sale the property of the firm. in my case ag land was sold by all the partners and capital gain tax paid by the purchaser in the name of firm and same have been mentioned in sale deed. please let me know some case law or reply which can be produced to revenue authorities
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