Distribution amongst Partners
This query is : Resolved
Manish Khale
(Querist)
12 August 2016
A partnership firm engaged in the business of colony development and its partners by mutual agreement distribute some plots among themselves. What would be tax implications ?
Amol S Joglekar
(Expert)
12 August 2016
it will be regarded as transfer..... see also section 45
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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