Easy Office
LCI Learning

SUCCESSION OF FIRM


30 May 2017 Suppose there are 2 partners in a firm. Both of them retire on same day & their capital is converted to loan a/c of the firm and 2 new partners are admitted who are family members of retiring partners.. Does this amounts to succession or change in constitution of the firm??? What shall be the income tax implications?

30 May 2017 It will be called constitution of firms.. As per income tax, setoff of loss and carried forward is not available to the new firm subject to other conditions..

30 May 2017 Thanx sir Is That means two assessments shall be done 1) upto retirement of pa




30 May 2017 Thanx sir, Is that mean 2 assessment shall be done under income tax? 1) upto date of retirement of all the partners & 2) upto year end for new partners??? If so then weather i should upload 2 b/s & 2 pnl for different periods along with audit reports?? Please clarify Thanks in advance



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries