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Capital gain on property transferred on dissolution of partnership firm

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(Querist)
28 May 2024 Dear Experts,

An individual, who was a partner in a partnership firm has received an immovable property from
the partnership firm on account of dissolution on 31/10/2006 at book value.

Now the said transferred property is getting sold by the receiving partner. In this case what will be the cost for the purpose of capital gain - Book value OR cost to partnership firm on purchase of property. Purchase made in July 2000.

Please advice

Regards,
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 May 2024 Whether firm paid liable capital gain over the property in AY 2007-08?
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Dipen

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Dipen (Querist)
28 May 2024 Yes , firm paid it in respective year
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 May 2024 In that case, consider it as Book value on the date of dissolution.
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Dipen

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Dipen (Querist)
29 May 2024 Thanks!!

In case firm was not liable then in that case what would be the cost?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 May 2024 Declaration and liability over CG is different. If it was declared, no change.
Otherwise, cost to the firm.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 September 2024 Good Luck.
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