Dissolution of partnership firm
This query is : Open
16 January 2012
Dear All,
What is tax implication (Spl. Capital gain)on dissolution of partnership firm (all partners retired simultaneously by selling firm to other persons)in the hands of the partner.
Thnks in advance,
Regards,
Mahendra
What is tax implication (Spl. Capital gain)on dissolution of partnership firm (all partners retired simultaneously by selling firm to other persons)in the hands of the partner.
Thnks in advance,
Regards,
Mahendra
CA PARAS BAFNA
(Expert)
16 January 2012
There is a difference in selling the firm to other persons and dissolution.
.
When a firm is sold as such to other persons then it can not be said that the firm has been dissolved.
.
A Deed/ Agreement must have been prepared to effect the transaction. Pl. Provide certain further information in this matter.
.
.
When a firm is sold as such to other persons then it can not be said that the firm has been dissolved.
.
A Deed/ Agreement must have been prepared to effect the transaction. Pl. Provide certain further information in this matter.
.
17 January 2012
Thanks sir,
i want to know the capital gain impact on sale of firm to third party. i.e. in the given case if firm sale a asset (firm have only one asset)held for short term than the firm required to pay short term capital gain tax. Now suppose instead of selling the asset, if we sale the firm, who will pay the capital gain tax (firm or partner)
i want to know the capital gain impact on sale of firm to third party. i.e. in the given case if firm sale a asset (firm have only one asset)held for short term than the firm required to pay short term capital gain tax. Now suppose instead of selling the asset, if we sale the firm, who will pay the capital gain tax (firm or partner)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
