Income tax

YAGNESH HASMUKH DAVE (Querist) 11 January 2014 This query is : Resolved
A FIVE FAMILY MEMBERS PURCHASED THE LAND JOINTLY HAVING EQUAL SHARE IN THE YEAR 1992 NOW THEY WANT TO CONSTRUCT THE RESIDENTIAL COMPLEX JOINTLY BY PREPARING THE P/DEED AMONG THEM. NOW THE COSTPRICE OF LAND BY EACH MEMBER BEING SHOWN AS HIS CAPITAL IN PARTNERSHIP AND LAND VALUE ACCORDINGLY IN THE BALANCE SHEET OF PARTNERSHIP FIRM. WHETHER INCOME IS PAYABLE ON MARKET VALUE OF LAND IF THE LAND OF EACH FAMILY MEMBER IS CONSIDERD IN THE B/SHEET OF PARTNERSHIP AS STOCK OF LAND AT COST PRICE ONLY IS RS 12500 EACH.MARKET VALUE AS ON TODAY IS 10,00,000/- PL EXPLAIN HOW TO ENTER THE LAND VALUE IN THE BOOKS OF PARTNERSHIP AT COST PRICE OR MARKET PRICE WHETHER MARKET VALUE IS COMPULSORY OR NOT

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