Whether capital gain tax should be attracted or not?
This query is : Resolved
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
(Expert)
13 September 2011
Attracts.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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.
The value recorded in the books of the partnership shall ne the sale consideration.
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