Whether capital gain tax should be attracted or not?

This query is : Resolved

Ritesh (Querist)
Follow

13 September 2011 Mr. X had 20 acres of land worth Rs.20lacs purchased on 10th May,1996 in his Individual name.He creates a proprietorship firm on 12th November,2010 for starting a new buisness.He transfers this land in the proprietorship firm on 12th nov,2010. The registered value of the land on this day is Rs.42lacs. Whether Capital Gain Tax would be Attracted or not?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

13 September 2011 Attracts.
OM SAI SRI SAI JAI JAI SAI

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 September 2011 Section 45(3) of the Income Tax Act shall be applicable. The transfer will attract capital gain in the hands of the partner.

The value recorded in the books of the partnership shall ne the sale consideration.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA. Urmila Mahalwal

Dalbir Singh Wadhera

Rajesh

RAGHUNATH KASIBHOTLA

SARAVANAN PALANISAMY

Subscribe Now

Whether capital gain tax should be attracted or not?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Article Assistant

CA Final

GST CONSULTANT

GST CONSULTANCY