Question ID : 1567

PROPERTY DEVELOPMENTS

Partnership Firm havg leasehold rights property cims dep only on construction on leasehold nd. Now wants to develop the same with some builder developer and will get exchange three rential fts. firm will be the owner of 3 fts. what is tax liability? whether diff book value of construction cost and fair mkt value of new fts will attract tax at normal rate beg depreciable assets? will firm can have resi fts as assets though not used for busess ? future sale of fts will it be a LTCG or busess profit if sold after 3 years?
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