Taxation of Firm's Assets

SENTHIL SELVENDRAN (chartered accountant) (200 Points)

23 April 2024  

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?