[aurangabad_ca] SALE OF NEWLY CONSTRUCTED BUILDING
I would like learned members to guide me on the following matter:
A regd. Firm has undertaken a building project. It is the only project undertaken by them.
For some strange reasons, though building is complete, there are no buyers & bldg is lying vacant.
The partners are planning to sell the entire building.
Can the firm treat entire bldg. as investment and on sale of the same pay LTCG tax ?
or
Can partners take over total flats in the building as their individual investment and then claim LTCG ?
Will there be any deemed capital gain on above division of flats amongst partners?
I would request members to please throw light on above.
moiz
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
.
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