Two persons had purchased land and now both of them along with two new persons are forming a partnership firm for constuction of building on that land. The building will be sold to other interested parties for residential and office purpose.
Can anybody give me the tax calculation of the case?
Further under which head of income the tax will be charged?
When that two person who have purchased land brings land in partnership firm, it will be trated as transfer. The transferers will pay capital gain of difference of cost of land and value credited in their account in partnership firm
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