CAPITAL GAIN
This query is : Resolved
25 June 2010
Hello friends
Any cash received by a partner on his retirement by selling of his share in profit to the firm is that taxable?
Any cash received by a partner on his retirement by selling of his share in profit to the firm is that taxable?
Aditya Maheshwari
(Expert)
26 June 2010
Anything above received will be termed as goodwill and will be taxable under the head capital gains.
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