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Regarding Applicability Of Capital Gain In Capital Contribution Made By Partner

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(Querist)
19 August 2024 If partners bring Land as capital contribution in partnership firm then what would be effect of such transaction ?
Whether capital gain would be applicable?
What is the stamp duty liability of any?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 August 2024 Yes, capital gains applicable. Stamp duty not applicable.
The special Bench of the ITAT in another ruling had held that personal assets contributed by the partner into firm as capital contribution was capital transaction and the same should be taxed as capital gain and the consideration for the same should be taken as per the provision of section 45(3) of the ITA.
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