30 January 2014
Partnership firm formed for purchase of lands develop it and sale of properties. but in reality only in firm only single land purchased and partners developed it but in mean time they got demand for said land. they sold land and underdeveloped property on it. Now under which head it should get taxable and how to treat carried forward interest loss on partners capital and salary paid to partners in firm????
30 January 2014
Partnership firm formed for single land only. and that land registered under firms name. Will you please guide how interest and salary from firm will be treated in books??.. If we consider sale of land under capital gain.
30 January 2014
In the financial year 2009-10 one partnership firm formed to for purchase of land. Land registered under firms name. partnership firm showed that land in books as fixed asset. In 09-10, 10-11, 11-12, 12-13 ITR 4 filed showing interest loss on partners capital. In F.Y 13-14 started constructing warehouse on said land. But while constructing it got demand from market for land so firm decided to sale out that land and Shed on it to Party. Firm paid salary to partners from gain of said land. and There is interest income to the firm due to excess withdrawal of capital by partners. How salary paid to partners and Interest income will be treated? is it treated under head PGBP?.. If sale of land and shed thereon treated as capital gain? can we take set off of carry forward interest loss from firm?? asked in detail now...
CAclubindia
