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
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