regarding capital contribution to firm, Income Tax

[SARVESH BALDI]

assessee contributed his house along with land to a firm which was now transferd (not registered) to firm by partenership deed. in furtherance of partenrship deed firm demolished the same for purpose of making commercial complex.After an year there was dispute in partners & the land (only one roof constructed) was again taken over by the assesse partner. can now the partner be taxed u/s 45(3) of the act where possession was again taken back.

kindly guide

Posts / Replies

[CA GOPALJI AGRAWAL]

As per section 2(47)(vI), your transaction falls under section 45(3), but the facts of the case may allow to plan otherwise under the circumstances.