Capital gains to be taxed for partners or firm

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sowmya (Querist)
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22 February 2013 There are 4 partners.an asset is sold after 4 years and the same day the partnership is reconstituted with an existing partner and 3 new partners.
The capital gains arising should be taxed in the hands of individual partners or firm

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 February 2013 In case the asset has been sold by the firm, the capital gains will also be taxed in the hands of the firm.
.

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sowmya

sowmya (Querist)
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23 February 2013 thank you very much Sir.

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