Regarding Capital Gain Liability
This query is : Resolved
Quick Summary
10 May 2022
Hello, Me, my mother and my Brother have land of around 2Acre in which we are going to develop a colony by making a partnership firm. I have few queries regarding the same.
1.) Only me and my brother wanted to involve in the business and do not want to involve my mother in that business. How to take that land in the books of partnership firm where my mother is not involve as she also having share in the land.
2.) Will Capital Gain charge in one shot or will be charge on pro rata basis?
3.) Do we need to get the land registered in the name of partnership firm? How? What should be the proper process?
The land was purchase 10 years back.
1.) Only me and my brother wanted to involve in the business and do not want to involve my mother in that business. How to take that land in the books of partnership firm where my mother is not involve as she also having share in the land.
2.) Will Capital Gain charge in one shot or will be charge on pro rata basis?
3.) Do we need to get the land registered in the name of partnership firm? How? What should be the proper process?
The land was purchase 10 years back.
12 May 2022
1 Take power of attorney from your mother.
2 Capital gains arises at the time of sale of constructed house.
3 No need for transfer of land to partnership firm as it's not a legal entity.
2 Capital gains arises at the time of sale of constructed house.
3 No need for transfer of land to partnership firm as it's not a legal entity.
12 May 2022
1.) If we take POA from Mother then do we required to share the Business Profit or CG with her or the profit will be shared only between Partners?
2.) Also do we need to Firm get registered with Registrar of Firms or simple notary will be ok?
2.) Also do we need to Firm get registered with Registrar of Firms or simple notary will be ok?
12 May 2022
1 Only capital gains to your mother, no need to share profit.
2 No need for registration. Notary will be okay.
2 No need for registration. Notary will be okay.
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