Our partnership firm had bought a offfice property in Oct 2006 for total cost of approx 36 lacs. Our contribution was around 10 lac and 26 lac bank loan which has been fully paid up now.
Now if we intend to shift offfice premises to another location, what would be the capital gains liability if any. Current market value of property is around 85-95 lacs. Cost of new office would be approx 65 lacs.
If capital gains is applicable, what is the facilities available to reduce the same.
Pl give the calculations, so that we can arrive at correct figures when actually doing the transaction.
Regards
Clement Fernandes
