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Replacement of partner in partnership firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2014 Dear Sir/Madam,

A partner in a partnership firm wants to transfer his share in firm without any consideration to his sister in law. i.e. the existing partner shall leave the firm and sister in law shall be partner in his place. Can someone advice how this should be done ? Will this be considered Gift and will there be any tax implication ? Please note that the existing partner who wants to transfer his share is an NRI.
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Amol S Joglekar

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Amol S Joglekar (Expert)
18 December 2014 It is treated as GIFT, but sister in law is covered in the definition of RELATIVE, it is NOT taxable.

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