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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?
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V.Rajan

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V.Rajan (Expert)
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
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