Revaluation of property.
This query is : Resolved
26 December 2018
Ours is a partnership firm of 4 partners all are brothers. The main asset of the firm is a building and the firm is the landlord. If one of the partner wants to retire and transfer his share of profit to his son/daughter, the incoming partner, is revaluation of the building required and are we supposed to pay any capital gains tax?
26 December 2018
No revaluation required in the instant case as more than 50% of the old partners are continued in the reconstituted firm also.
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