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Retirement of all existing partners and admission of new

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(Querist)
20 January 2018 In a existing firm 3 Partners are working .Is it possible in Partnership that in the same day all existing partner are retire and new 2 other partner can join the firm?if it is possible then what the procedure and what are the implications under Income tax act 1961.
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RAJA P M

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RAJA P M (Expert)
20 January 2018 As per my view YES... Just will be prepare the New Deed for Retiring and Addition...
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