transfer of property by partner to firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2010
if a partner in a firm transfer a land to the firm and value recorded in books is Rs.500000 and assesseble value for the purpose of section 50C is Rs.600000, what shall be full value of consideration?
19 November 2010
Rs. 600000
CA.ViVeK M ACA
(Expert)
19 November 2010
If stamp duty value exceeds the value recorded in the books of Account, then, stamp duty value shall be regarded as full value of consideration. There by Rs 6 lakh shall be Full value for the purpose of computation of capital gain
If stamp duty value exceeds the value recorded in the books of Account, then, stamp duty value shall be regarded as full value of consideration. There by Rs 6 lakh shall be Full value for the purpose of computation of capital gain
Message likes :
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taxindiaconnect
(Expert)
19 November 2010
Agreed with Vivek.
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