capital gain
This query is : Resolved
Ishant Agarwal
(Querist)
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
(Expert)
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
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Go through section 45 (3) for the treatment of introduction of leasehold land into firm as capital
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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