To whom long term capital gain is taxable ?
This query is : Resolved
17 November 2014
In Feb'2008 Mr.A has purchased one MIDC PLOT for a Lease period of 95 Years wide agreement to lease entered into with MIDC. In March'2008 Mr.A has transferred the said Plot to Mr.B and the document executed was POWER OF ATTORNEY. Mr.B had made the payment from Partnership Firms in which he had one of the partner. The Plot is disclosed as fixed asset in the balance Sheet of partnership firm. Subsequently, in May,2010, the said partnership firm is converted in to Pvt. Ltd. company. In NOVEMBER'2013 the said MIDC PLOT transferred to Mr.C and document entered into is Tri-party AGREEMENT OF ASSIGNMENT, wherein Mr.B has heldas confirming party. Mr.C has made the payment of sale proceedings favoring Mr.B.As the plot is disclosed in the balance sheet of Pvt.Ltd.Co. the entire sale proceeds is transferred by Mr.B in the Account of Pvt.Ltd.Co.Now the question is whether long term capital gain is taxable in the hands of Pvt. Ltd. co. or Mr.B. pls reply.
17 November 2014
MIDC..Maharashtra Industrial Developement Corporation.
Power of attorney was for consideration or for without consideration?
Power of attorney was for consideration or for without consideration?
17 November 2014
MIDC : Maharashtra Ind. Development corporation Power of attorney was for consideration
17 November 2014
Subject to the assumption that the pvt ltd co has reduced it in writing that the said busines along with its asset has been taken over by the Pvt Ltd co., the long term gain will be taxed in the hands of Pvt LTd Co.
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