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This query is : Resolved
waquar khan
(Querist)
09 December 2013
if a propriortor together with him add one partner in his business to form a partnership firm so will be save him from capital gain tax?
09 December 2013
Under the Income Tax Act, the Partnership firm is taxed as a separate entity, distinct from the partners.
If the sales takes place after new partnership Deed,the Tax will be paid by the firm and therefore Tax is shared between the Partners
If the sales takes place after new partnership Deed,the Tax will be paid by the firm and therefore Tax is shared between the Partners
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