• Capital gain

hallo sir

    partnership firm hai jo ki ab disolve ho rahi hai
    uski land 72000000 rs. me sell hui hai
  aur ye 1975 me purchese hui thi 900000 rs. me
   isme kitna gain tax lagega aur is tax ko kaise bachaya ja sakta hai.
Asked 3 years ago in Capital Gains Tax from Bilaspur, Chhattisgarh
The firm can divide the property among the partners and jointly sell. Every partner can avail exemption u/s 54EC
upto Rs 50 lakhs to each partner and every partner can avail exemption u/s 54F towards cost of construction. In the absence of details we cannot whether exemption u/s 54G is available.
Vijay N. Kale
CA, Hyderabad
248 Answers
12 Consultations

4.9 on 5.0

Long term capital gains will be applicable. The cost of acquisition is the market value as on 1st April 1981. So we need to have the details of market value as on 1st April 1981 to arrive at the capital gains.
B Vijaya Kumar
CA, Hyderabad
845 Answers
48 Consultations

5.0 on 5.0

Please be clear in your question . whether there is a sale of assets by the firm before the dissoulation  or  the assets passes to any of the partners in the process of dissolution and then the sale of the assets by the partner .  Further the land is a agricultural land or urban land .

If the land is sold by the firm itself then it can take the benefit 54EC however the benefit is limited to 50 lacs subject to investment in the specified assets . If the firm distribute to the partnner by way of dissulation then the firm is taxable on the  capital gain calculated on the  Fair Market value as per section 45 (4) . 

Further after dissolution if the partner sells the land , he can take the benefit under various section depending upon whether it is long term capital gain or short term capital gain . If long term he can take the benefit under 54F subject to condition . 
Prakash Sinha
CA, New Delhi Area, India
120 Answers
16 Consultations

4.9 on 5.0

Sir Aap Tax pe kardo aur partners me amount divide kardo. That is the correct way

Tax calculation ke liye call 040-66783220
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0


Aapke case me bahut se jaankari hai jo aapko deni padegi jaise ki, Jagah kahaan thi, uski 01/04/1981 me municipal value kitni thi, use becha kab gaya etc etc.

Aur aapka amount bhi kaafi bada hai, to aapke liye acha hoga ki aap kisi CA ya Tax Professional ko milke apne aaga ka procedure jaan le.

Thanking You.

CA Rohit R Sharma
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

Generally, cost of acquisition of a capital asset is the cost incurred in acquiring the capital asset. It includes the purchase consideration plus any expenditure incurred exclusively for acquiring the capital asset. However, in respect of capital asset acquired before 1st April, 1981, the cost of acquisition will be higher of the actual cost of acquisition of the asset or fair market value of the asset as on 1st April, 1981. 
Long term capital gain shall be calculated by deducting index cost of acquisition and indexed cost of improvement from net sale consideration. 
In the given case the capital gain will be long term capital gain and taxable in the hands of partnership firm.
For tax saving purpose you can invest in specified securities( Bonds of NHAI, REC)  under section 54EC upto rs 50. You can also avail the benefit of section 54GB.
Shiv Kumar Agarwal
CA, Delhi
258 Answers
58 Consultations

5.0 on 5.0

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