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Excess compensation recd by retiring partner

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(Querist)
20 January 2012 At the time of retirement, partner get excess amt over its capital balance, then what is tax impact to retiring partner ?

Can any Tax planning made on such matter??

PLEASE REPLY URGENTLY
THANKS IN ADVANCE
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CA. RAVIKUMAR

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CA. RAVIKUMAR (Expert)
22 January 2012 Excess amount over the capital will be considered as Capital gain.
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CA. RAVIKUMAR

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CA. RAVIKUMAR (Expert)
22 January 2012 where A partner retiring from the firm receives a sum more than the amount standing to his credit(including goodwill) such excess is taxable as capital gain
refer Case law "Bishanlal kanodia Vs.CIT(2002)257 ITR 449(Delhi)"
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