Dear Members,
A partner of a Firm brings Land as his share of Capital. Will this transaction be considered as a Transfer U/s 47 of the IT Act and also whether the Land Deeds have to be mutated.
Kindly advice on the matter,
Regards
Karthik
Menu
Capital gain to partnership
Replies (1)
Yes by virtue of section 45(3) it will be considered as transfer made to firm. In that case value of land recorded in the books of account of the firm on the date of transfer will be taken as full value of consideration and from it the indexed cost of acquisition will be substracted.
Recent Topics :
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
Related Topics :
CAclubindia
