Assessee is a firm named Delux India established in the year 2002. The firm has two partners having equal capital, and it had purchased an industrial freehold property of 2000 sq.yrds. for Rs. 10,00,000/-. Further, the partners had invested around Rs. 10,00,000/- for getting permissions, fees for construction of a IT building over the said property. Further, the partners had invested Rs. 20,00,000/- for the construction of building over the said property. The building is still incomplete. As per balance sheet of the firm, the said property alongwith expenses incurred thereon till date is shown as fixed asset of the firm, (i.e., Rs. 40,00,000/- as capital of partners on liabilities side & Rs. 40,00,000/- as fixed assets on assets side). There are no other liabilities or assets of the firm. Now both the existing partners want to withdraw/ resign from the partnership and two new partners will become partners of the said firm. The new incoming partners will bring capital of Rs. 2,00,00,000/- in the said firm and each of the resigning partners will withdraw Rs. 1,00,00,000/-. What type & how much and on whom, income tax will be attracted on the said deal?