21 November 2012
A Partnership firm transfers an Asset(Property) to Partner on Dissolution of Partnership firm.There were only 2 Partners with 50-50 Profit Sharing ratio. Now Capital Gains will surely attract when property is transferred to the Partner. My Question is that Capital Gains will attract on entire Sales consideration(Here Stamp Duty Value will be taken into consideration as no sale has taken place) or only 50% because the partner was originally holding 50% share & he received another 50% through Dissolution?
CAclubindia
