tax on immovable asset of a partnership firm
This query is : Resolved
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
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
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.
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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