capital gain

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Ishant Agarwal (Querist)
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31 August 2016 whether leasshold land is a capital asset? A sole propreitor having leasehold land is converted to partnership. The leasehold land become the investment of partnership firm and the value of land become the capital contribution of propreitor in partnership firm. Whether it will attract CG . If yes then how to calculate it

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2016 leasehold land is a capital asset.
Go through section 45 (3) for the treatment of introduction of leasehold land into firm as capital
http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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