Capital gain
This query is : Resolved
04 July 2013
Dear Experts,
Please Reply for following query-
Case
A firm purchased an assets (Say Building) in P.Y. 2010-11( Say 31 march 2011) for Rs. 5,00,000.
In P.Y. 2011-12 firm got dissolved and said assets transferred to one of the partner of firm for his claim of Rs. 10,00,000.
Fair market value of the assets on the date of transfer was 7,00,000.
In P.Y. 2012-13, such partner sold that asset for Rs. 9,00,000.
Query 1
What would be the capital gain amount in the hands of Firm for P.Y. 2011-12?
Query 2
What would be the cost of acquisition in the hands of such partner for that asset?
Thank You
Please Reply for following query-
Case
A firm purchased an assets (Say Building) in P.Y. 2010-11( Say 31 march 2011) for Rs. 5,00,000.
In P.Y. 2011-12 firm got dissolved and said assets transferred to one of the partner of firm for his claim of Rs. 10,00,000.
Fair market value of the assets on the date of transfer was 7,00,000.
In P.Y. 2012-13, such partner sold that asset for Rs. 9,00,000.
Query 1
What would be the capital gain amount in the hands of Firm for P.Y. 2011-12?
Query 2
What would be the cost of acquisition in the hands of such partner for that asset?
Thank You
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- GST on Renting godown to KFCSC for Storage of Raagi
- Capitalgain tax purposes for valuation report compulsory
- TAX AUDIT ON PROFESSIONAL INCOME
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TDS on Fixed Assets purchased
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- Under marginal scheme
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
