if partner from partnership firm is going toretire and recieves his capital and also certain amount
then what r the tax implication on this ceretain amount
Shruti Agarwal (student) (40 Points)
06 August 2009if partner from partnership firm is going toretire and recieves his capital and also certain amount
then what r the tax implication on this ceretain amount
CA Guru M
(B.com, CA, CS)
(1547 Points)
Replied 06 August 2009
Hi Shruthi,
In my view Receipts of Capital portion is not subject tax, since It will not fall within Meaning the definition of income under IT Act.
and please give the details / naturer of "Certain amount".
CAclubindia
