Transfer of immovable property to pvt ltd firm
This query is : Resolved
28 November 2013
Suppose you transfer an immovable property owned equally by 3 individuals, into a private limited firm, which is also owned equally by the same 3 individuals. According to Indian tax law, would the owners have to pay income tax on this sale?
What all other taxes would be applicable on this transaction and how much?
What all other taxes would be applicable on this transaction and how much?
29 November 2013
yes. you will have to pay tax on such transaction. the transaction may be taxed as short term capital gains or long term depending on the holding period. How much shall depend on the cost and sale price of the property.
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