Partnership firm tax consequences
This query is : Resolved
sweta shah
(Querist)
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
CA PARAS BAFNA
(Expert)
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.
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