Hi all,
I have a query which needs urgent solution.
In the financial year 2006-2007, a partnership firm purchased a property for Rs. 10 lakhs. Subsequently, a private limited company was formed which took-over the assets and liabiities of the partnership firm in the financial year 2013-2014.
Presently, the company wants to sell off the said property at Rs. 40 Lakhs where the market value of the said property is Rs. 28 lakhs.
The query is what should be the year of acquisition / CPI for calculating the capital gains tax.
Thanking you all in advance.
CAclubindia
