CAPITAL GAIN
This query is : Resolved
05 March 2009
IN A FIRM X AND Y ARE PARTNER HAVING LAND OF 1 LAC. ON 1.10.2003 M AND N ADMIITED AS A NEW PARTNER AND VALUE THE LAND 2 LAC, AND DUE CREDIT GIVEN TO OLD PARTNER, AND PAID FOR. NOW NEW FIRM HAVE PARTNER M AND N. ON 1.8.2006 FIRM CONVERTED IN TO PRIVATE LIMITED COMPANY. WITH DIRECTOR M AND N. COMPNAY NOW WANT TO SALE LAND. WHAT WILL BE CAPITAL GAIN TAX IN THE HANDS OF FIRM ON A.Y. 2004-05 AND IN HAND OF COMPANY ON A.Y. 2009-10. THE SALE CONSIDERATION IS 10 LAC.
05 March 2009
the cost of the land is previous owners cost when he introduce the same & the valuation taken when two partners are admitted so this is cost of improvement & capital gain is to be computed on this basis
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Dep. as per companies act
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- GST ISSUE OF INPUT AND OUTPUT GST
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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?
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
Quick Links
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
