Transfer of immovable property to firm by partner
This query is : Resolved
31 July 2013
sir/ madam
If a partner had transferred a immovable property to partnership firm as his capital contribution with less than market value or stamp duty value, then whether it amounts to transfer and capital gain attracts for the same
If a partner had transferred a immovable property to partnership firm as his capital contribution with less than market value or stamp duty value, then whether it amounts to transfer and capital gain attracts for the same
31 July 2013
it taxable under long term capital gain on value as taken in book of firm
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31 July 2013
thanks for reply sir but if the same immovable property was given to firm at purchase value itself means then whether sec 50 C applies for it and taxable
03 August 2013
In order to be a property of partnership firm it need not be registered in the name of the firm when a person, who happens to be partner in the firm,brings in to the firm. so it is not a registrable document. Sec 50C is applicable when the transfer is subject to stamp duty.
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