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Competent valuer of partnership firm

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18 June 2024 1.who is legally competent to valuation of partnership in india?
2. are there any law, icai guidelines, or any other rules that is applicable to valuation process of a partnership firm?
3. who can legally do revaluation of partnership asset and liabilities? which law, guidelines applicable for this.
4. for the purpose of determining the value of outgoing partner's interest who should be appointed?

18 June 2024 1 Approch Registered valuers under income tax.
2 No.
3 No law applicable. See the partnership agreement clauses.
4 Appoint Registered income tax valuers.

The total sum due to the retiring partner (in case of retirement) and to the legal officials/executors (in case of death) incorporates :

The credit balance of his capital a/c
The credit balance of his current a/c (if any)
Partner’s share of goodwill
His share of accrued profits or reserves
His share in the profit of revaluation of assets and liabilities
His share of gains up to the date of retirement/death
Interest on his capital, (only) if involved, up to the date of retirement/death
Commission/salary, if any, due to him until the date of retirement/death.

18 June 2024 1.should any loan given by partner to the partnership and interest thereof be added to total sum due?
2. incase other partner(s) purchase outgoing partner's share in partnership can these loan amount be excluded from purchase price and considered as separate debt owed to outgoing partner by the partnership?
3. would you please elaborate: his share of "GAINS" upto the date of retirement.

18 June 2024 1 Yes.
2 Yes.
3 Share of his profit from the partnership firm till the date of retirement.

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