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Capital gain

This query is : Resolved 
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(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)
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
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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