Capital Gain - Urgent- Please help
This query is : Resolved
10 August 2010
I am a partner in a firm which has 4 partners.My capital account balance in the firm is Rs 5 lakhs.
If i retire from the partnership, getting an compensation of Rs 8 lakhs, whether the balance 3 lakhs will be taxable??
Please help- Very urgent
If i retire from the partnership, getting an compensation of Rs 8 lakhs, whether the balance 3 lakhs will be taxable??
Please help- Very urgent
10 August 2010
Amount received by retiring partner in respect of his share in Partnership firm including Goodwill is not assessable as Capital Gains.
Case - Mohanbai Padmabhai 165 ITR 166 (SC)
The surplus of Rs. 3 Lacs is not chargable to tax as it is in nature of Goodwill, which including the other sums is not taxable in view of above judgement.
Case - Mohanbai Padmabhai 165 ITR 166 (SC)
The surplus of Rs. 3 Lacs is not chargable to tax as it is in nature of Goodwill, which including the other sums is not taxable in view of above judgement.
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