Sale of partnership firm

Actually both will be treated as income of the firm.

Still, the design can be planned to treat income in single partner's hand, if required.

Thanks for the reply sir, how to pay tax for that amount sir, in the name of firm , or we share the amount and can Pay individually ? We planned to close that firm.what % tax to be pay?

For the raw materials the amount is added to P&L acc of firm, and is taxed at 30% rate, along with other income of the firm.

For design amount either it can be added to the income of the firm as above, or may distribute amoung either or all of 3 individual accounts and pay tax as per slab rate.

There is definitive procedure to dissolve the firm, after paying off all the tax liabilities.

Dear All, 

Two of my friends (individual capacity) want to purchase a running partnership firm.  please let me know the checklist and guide me if possible.

Regards

CS. Kiran, Hyd