Respected Members,
One of my client is doing real estate business (land promoters, developers and builders) as in the constitution of "Firm". In the Firm there are three partners. In the partnership firm current assets worth Rs.2.54 crores are recorded as on 31.03.2015.
Now one of the partner in the above case sold her own property (Not Firm's Property) and the gain arising on the above tranfer invested in Capital Gain Investment Scheme.
For the purpose of availing capital gain investment in another propery, can she purchase lands in her name from the firm?
If No, she should buy somewhereelse.
If yes, she can avail the full value of Capital gain investment in the proposed puchase of land.
Kindly give the advice.
CAclubindia
