Dear Friends,
Our client company is a partnership firm and doing real estate activities. They are owning 12 acres of land and it is shown under current assets of the company. Now the partners wanted to sell the land of 12 acres and plan to purchase land & buildings individually. Now what would be the tax implications in the hands of firm and partners?
tax implications is for the firm - will have to pay tax on any gains. thats all.
Rohit KC Jain & Co
New Delhi
CA Inter
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Bharat Shah & Associates
Mumbai
CA Inter
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CCI
Pro
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