piyushi (Chartered Accountant) (105 Points)
11 October 2011A partnership firm holds a shopping complex. It has constructed a hotel on shopping complex. Now firm has sold that shoping complex area.. now what will be the tax liability created after selling shoping complex area???????
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 October 2011
Check whether the only the rights has been transferred or proper sale agreement has been executed. Tax liability will depend on the cost of acquisition, cost of improvement and the selling price factoring cost inflation index.
piyushi
(Chartered Accountant)
(105 Points)
Replied 12 October 2011
can dis shoping complex can be shown as stock in trade...??????so dat capital gain tax cannot be levied.......
Mihir
(Wealth Manager)
(5293 Points)
Replied 12 October 2011
What is the main business of the firm? Selling shopping complex space for profit or something else?
Sandeep Kumar
(learner)
(81 Points)
Replied 12 October 2011
Its depends What is the mail line of business of the firm.
CAclubindia
