Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2016
A partnership with two partners holding land at the time of dissolution shared land equally.whether capital gain arise in the hand of partners or firm?
09 June 2016
pls see
45. (4) The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.
capital gain will tax in hand of partner ship firm, not in hand of the partners.
45. (4) The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.
capital gain will tax in hand of partner ship firm, not in hand of the partners.
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