rajdip ranpara (proprietor) (141 Points)
24 March 2015
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 24 March 2015
As per Sec 45(3) of the I.T Act,1961 in case of introduction of capital by partner by way of transfer of capital asset to the firm then the capital gain arising on transfer is chargeable to tax in the hands of partner..
Since the land has been transferred at cost price no capital gain will arise in the hands of partner calculated as under:
Capital Gain
Sale Consideration(Amount credited in Partner's capital A/c for land brougt in) = Rs. 13 lacs
Less:Cost of acqusition Rs. 13 lacs
Therefore, capital gains = Rs. NIL
rajdip ranpara
(proprietor)
(141 Points)
Replied 24 March 2015
CAclubindia
