Capita gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 Need following Opinion:

1) Whether four HUF together can become a new Partnership Firm?? (may be represented by Karta)

2) In the said prospective firm, whether can plot of land (owned Jointly by four HUF in equal proportion) be transferred as capital contribution wherein said firm only Four HUF are Partners??

if yes then at what rate, amount to be entered in to books of accounts of partnership firm? (is it possible to account higher amount than FMV?)

whether any stamp duty is required to pay on such conversion of asset into partnership firm?? (without stamp duty
land owned by partnership firm will be valid?)

3) Whether said prospective firm can construct residential apartment on jointly held land and can executed sale deed through partnership firm??

4) When liability of capital gain on Land owner i.e. HUF arise and how to arrive at capital gain?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2014 1. yes allowed.
2.yes
3. depends on deed.
4.no stamp duty
5.yes allowed
6.in case of sale to firm the said liability shall arise.

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