Partners share in Kind
This query is : Resolved
Siddartha Javali
(Querist)
29 June 2009
What is the tax implications if a partner takes a residential property out of the closing stock of a partnership firm without any cosideration and if it taken as a gift?
CA.BHARAT BHUSHAN
(Expert)
29 June 2009
A firm cannot gift to its partners. It is the same as a person making gift to himself.If any partner take residential house out of the closing stock then his capital will reduce with the amount of house taken from firm.
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