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Partners share in Kind

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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?

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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