Distribution of capital asset on dissolution of a firm
This query is : Resolved
Querist : Anonymous
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
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
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.
.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
