Capital gain on land transfered to firm by its partner

DILLIRAJA (Chartered Accountant) (33 Points)

18 March 2014  

Hello!

Kindly let me know the point/points of applicability of capital gain in the following case.

A person own a land for more than 10 years and transferes it to the firm in which is a partner as his capital contribution. The firm after one or two years sell the same - case 1: It is held as stock in the firm, case 2: it is not held as stock.

Regards