Partnership firm tax consequences
This query is : Resolved
06 January 2012
whether there is any tax benefit to the partnership firm if there is revaluation of assets of the firm at the time of retirement of partner...???or give some idea that may tax benefit to the firm at the time of retirement of the partner
06 January 2012
In a firm assets shown in the Books of Firms belongs to the firm only. If Revaluation (upside valuation) of assets is
done, the retiring partner's capital account will be credited on the basis of his share in the profits of the firm and such the firm has to pay more amount to him.
.
Not much planning is possible as revaluation is not considered for IT purpose.
done, the retiring partner's capital account will be credited on the basis of his share in the profits of the firm and such the firm has to pay more amount to him.
.
Not much planning is possible as revaluation is not considered for IT purpose.
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- TDS on TRUST
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
