[aaykarbhavan] Even investment in name of partners would provide sec. 54EC relief to partnership firm

Even investment in name of partners would provide sec. 54EC relief to partnership firm

April 18, 2015[2015] 56 taxmann.com 76 (Pune - Trib.)

IT : Where partners of assessee-firm introduced land and building as their capital contribution to firm, said land and building became property of firm and, therefore, capital gain arising on sale of said property was taxable in hands of assessee-firm

IT : Where sale consideration of property belonging to assessee-firm was credited directly in hands of partners of firm and specified bonds were also purchased in names of those partners, still assessee-firm would be entitled to claim benefit of deduction under section 54EC

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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