Capital gain on retiring partner in existing p'ship firm
This query is : Open
05 April 2014
Dear Friends and Sir and Madam,
When a partner retires from existing p'ship firm by receiving amount of his share by cash/cheque(viz.after revaluation of fixed asset-Land in this case,) in such case whether tax liability arises?
if yes then, to whom? and if no then, why?
I need detail answer with referance please,
When a partner retires from existing p'ship firm by receiving amount of his share by cash/cheque(viz.after revaluation of fixed asset-Land in this case,) in such case whether tax liability arises?
if yes then, to whom? and if no then, why?
I need detail answer with referance please,
05 April 2014
r/sir
partner recd amount from firm . capital gain not arise due to firm not sold his assets.
it treat as premium paid by remaining partner for not doing similar business to retiring partner.
partner recd amount from firm . capital gain not arise due to firm not sold his assets.
it treat as premium paid by remaining partner for not doing similar business to retiring partner.
05 April 2014
Thank you sir,
but if value of land has been increased in the books of accounts and corresponding effect has been given in the all partners capital account in that case...
please tell me effect in this above mentioned case....
thanking you..
but if value of land has been increased in the books of accounts and corresponding effect has been given in the all partners capital account in that case...
please tell me effect in this above mentioned case....
thanking you..
05 April 2014
i mean at the time of retirement...
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