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Distribution of capital asset on dissolution of a firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2013 A land is rgistered in the name of a firm and now the partners want to distribute the land according to their capital contribution and dissolve the firm .
But the partners also want that the capital gain arises on the distribution of land is not levied on them .
So suggest a method how to distribute the land among partners and capital gain not attracted
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
30 June 2013 Escaping from capital gains is not possible as Section 45(4) focuses on it. Capital gain is chargeable in the hands of the firm by taking into consideration the FMV of the land.
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