A partnership firm holds a shopping complex. It has constructed a hotel on shopping complex. Now firm has sold that shoping complex area.. now what will be the tax liability created after selling shoping complex area???????
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Tax liability in case of selling of shopping complex.
Replies (7)
Check whether the only the rights has been transferred or proper sale agreement has been executed. Tax liability will depend on the cost of acquisition, cost of improvement and the selling price factoring cost inflation index.
AGREE WITH MIHIR
AGREE WITH MIHIR
can dis shoping complex can be shown as stock in trade...??????so dat capital gain tax cannot be levied.......
What is the main business of the firm? Selling shopping complex space for profit or something else?
Its depends What is the mail line of business of the firm.
Is it deals in Shopping coplexes???/
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