Tax on capital gains - tax planning
This query is : Resolved
09 August 2013
A partnership firm consists of 3 Partners. Father and 2 sons. There are two properties in the name of the firm. By mutual understanding the sons want to take away the properties. Please advice how to avoid tax on capital gains with regard to transfer.Whether this is a case of family arrangement?
09 August 2013
The properties can be transferred at fair market value looking to the restriction U/s 50C. Firm has to pay capital gains tax.
.
If the gain is a STCG, related with depreciable assets, the firm can purchase asset in the same block. In case of LTCG, investment in capital gain bonds may be thought for.
.
.
If the gain is a STCG, related with depreciable assets, the firm can purchase asset in the same block. In case of LTCG, investment in capital gain bonds may be thought for.
.
Message likes :
1 times
09 August 2013
Sir,
Please clarify the following
1)If one of the partner retires and he takes away one property and other partners continue with the firm...would there be any tax savings for the firm
2) The partnership dissolves and the partners are given properties..The firm has to pay capital gains tax
Sir I want to know which would be beneficial to reduce capital gains tax...Please give me some reference with Sections and case laws
Please clarify the following
1)If one of the partner retires and he takes away one property and other partners continue with the firm...would there be any tax savings for the firm
2) The partnership dissolves and the partners are given properties..The firm has to pay capital gains tax
Sir I want to know which would be beneficial to reduce capital gains tax...Please give me some reference with Sections and case laws
09 August 2013
@expert....why it is not a case of family settlement..they are related to one another..
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- REGARDING GST LIABILITY/....
- Last year TDS Claim
- GST Registration Horse racing
- Small dealers gst returns filing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
