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tax on immovable asset of a partnership firm

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19 June 2009 Commercial land was purchased by a partnership firm from BDA[Bangalore development authority]in 1978. Partnership firm initially started with father and sons along with an uncle. Uncle later retired and partnership continued with father, mother and sons.

Q1 : If the immovable property [land] be divided among the partners of the partnership firm, will it be attracting capital gains tax and stamp duty ?
Q2 : what is the tax consequence if the partnership firm is dissolved ?
Q3 : what is the tax consequence if some partners leave the partnership firm, without any major payout.

Thanks.
Kris
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
19 June 2009 1)Yes.
2)The fair market value will be taken as Full Value of Consideration.
3)No Tax Consequence of such an event.
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