CAPITAL GAIN TAX

This query is : Resolved

R.KANDASUBRAMANIAN (Querist)
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26 February 2009
PARTNERS HAVE TRANSFERRED THEIR LAND TO THE FIRM AS THEIR CAPITAL CONTRIBUTION.
WHETHER ANY CAPITAL GAIN TAX WILL ARISE FOR THE PARTNERS INDIVIDUALLY
IF SO, HOW TO CALCULATE THESE

R.KANDASUBRAMANIAN
REG. INCOME TAX & SALES TAX PRACTITIONER

VINOD KUMAR GUPTA

VINOD KUMAR GUPTA (Expert)
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27 February 2009 *Gain on transfer shall be taxable as Capital gain in the P.Y in which transfer takes place.
*Value recorded in the books of accounts shall be deemed to be the full value of consideration.

K V Subba Rao

K V Subba Rao (Expert)
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27 February 2009 Pleas check the following link:

http://www.rediff.com/money/perfin/2000/may/22club.htm