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 Topic
- Form 145 and 146 Foreign Remittance in Excel Forma
- E invoice missed out/not generated for FY2025-26
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
- Tax Refund timeline
- Is Form 10E applicable for Notice Pay received in
- INCOME RECEIVED FROM COMPANY FOR ELECTRIC POLLS
- ITR Processing By CPC Now Super Fast - Much apprec
Related Topics
CAclubindia
