A land was purchased in year 1985 under the name of unregistered partnership firm specifying the names of 4 partners . The partnership firm is unregistered doesn't have PAN or Bank Account all transactions of purchase were done by partners accounts and the land was sold in 2020-21 and proceeds were received in partners accounts . Taxability of Capital Gains should be in hands of partners or firm ?
I am doning first transaction and sales material for the value of Rs.74 lac in Jan-2020, I had charged TCS on full value Rs.74 Lacs @0.075%. But debtors are ready to pay TCS on Rs.24 only (74 Lac-50 Lac). Now my query is that 50 Lac TCS Threashold Limit up to 31st September not an exemptions ?? please suggest.
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One of My client is 70 years old and is running manufacturing business in the name of HUF , His wife and two sons are members of his huf out of which one son is married and the other is single. There is land , building and Machinery in the name of business. He want to divide his land , building , machinery and other business assets among his sons. How can he do so and is there any involvement of Capital Gain.Answer now
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