My query is if a partner introduce his agricultural land as capital in his firm then whether capital gain is there or not?And if it arises than in whose hand it get taxable (firm or partner)? plz suggest me for both agricultural & non- agricultural land. THANKS IN ADVANCE.
1 Replies
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 26 March 2014
Bhavesh if agricultural land then no capital gain will be there ( subject to it is cultivated regularly for 2 years and should be 8 km far from local muncipal limits) secondly if you transfer it as stock in trade than pgbp income will be taxable and no capital gain will be there. ( as land was for agricultural use). The opinion on changing capital good to stock in trade,taxability may change. Regards
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