Capital gain
This query is : Resolved
Neeta Parwani
(Querist)
16 April 2015
will addmission of new partner in a partnership firm having property in firm attract capital gain on the existing partners or the firm.
From,
Neeta Parwani (CA)
From,
Neeta Parwani (CA)
16 April 2015
As per the provisions of section 45(3) any person who introduces any capital asset as his capital contribution in a partnership firm the same will amount to transfer and for computation of capital gain value recorded in the books of account of the firm will be taken to be the sale consideration.
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