Dear sir,
My father purchased a piece of land on 28.11.1989 at Rs.189000.00. and he expired in the year 1991.leaving behind me and my married sister. We both became partners in the same business. During the current year i.e December 2008 we have sold the land at 18.25.000.00. and in the month of February purchased a propriety in my name at 10.50.000.00. the profit and loss sharing ratio is 75:25.
The propriety was shown in the balance sheet of our business. But the sale proceeds were in our name in the ratio of profit percentage. But the new propriety is in my name. please let me know the quantum of capital gain tax to be paid by the firm. And also the treatment of accounts books.

With regards.

Dear sir,
My father purchased a piece of land on 28.11.1989 at Rs.189000.00. and he expired in the year 1991.leaving behind me and my married sister. We both became partners in the same business. During the current year i.e December 2008 we have sold the land at 18.25.000.00. and in the month of February purchased a propriety in my name at 10.50.000.00. the profit and loss sharing ratio is 75:25.
The propriety was shown in the balance sheet of our business. But the sale proceeds were in our name in the ratio of profit percentage. But the new propriety is in my name. please let me know the quantum of capital gain tax to be paid by the firm. And also the treatment of accounts books.

With regards.