Easy Office
LCI Learning

Capital gain on property transferred on dissolution of partnership firm

This query is : Resolved 

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


28 May 2024 Whether firm paid liable capital gain over the property in AY 2007-08?

28 May 2024 Yes , firm paid it in respective year

28 May 2024 In that case, consider it as Book value on the date of dissolution.

29 May 2024 Thanks!!

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

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link

Similar Resolved Queries


Unanswered Queries