selling of factory
shah
(Querist) 05 March 2011
This query is : Open
dear sir, we are in to a family business from 1965 we set up a factory where the land and the buildings are in pagdi system its on lease. the landlord was ok till date but he suddenly wants his land back with the buildings. we are in to running business and the machines and all is ours , now he wants to buy the full plant of ours the problem is that my grandfather had taken the land on lease but since he passed away,he as also given us the right as per mou and his will .and we recieve the rent reciept in our name .
ours is a partnership firm. so if we at all we sell the plant with land and the buyer is landlord himself than what will be the further procedure? , the capital which i will recieve from land will it come uncer capitalgain tax if yes where should it be invested . and the amount which i shall recieve by selling used machinery what taxes should i have to pay on it . and since its a partnership firm how should we accept the amount on the firm name or the individual partners name as per share . please guide me .
thankyou
shah
