Accounts & taxation

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2012 We are three sisters and have a land which was gifted by our father in the year 1960 . And now we have formed a partnership firm to developed a building construction for commercial purpose. Now Questions are :

1) Is it needed to make valuation of the said land ?

2 ) If answer of 1 is yes, then what method should apply to make proper valuation of said land and it should be acceptable to I.T Authority??

3) and it is needed to pay capital gain tax when we are transferring the land to our farm as share of capital ??

Trinadharao Adigarla

Trinadharao Adigarla (Expert)
Follow

18 December 2012 1).Yes
2).Amount Recorded in the books of Account
Less:actual cost in Year of transfer from Father X indexed in the cost.

3).yes

Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2012
Thank you sir for replaying the questions

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

bhavesh

Srikanthan S

rana andcompany

Pranab Banerjee

Gurunathan kannan

Subscribe Now

Accounts & taxation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive