sec 45(4) deemed capital on dissoultion of firm
This query is : Resolved
26 October 2009
dear sir nd frndz ,
In a partenrship firm wid 2 partners, i f1 of the partners gifts his share of partnership 2 d other partner after which the said partenrship turns out 2 b a proprietorship , does sec 45 (4) apply in dis case ?
In a partenrship firm wid 2 partners, i f1 of the partners gifts his share of partnership 2 d other partner after which the said partenrship turns out 2 b a proprietorship , does sec 45 (4) apply in dis case ?
26 October 2009
Sec 45(4) applies in case of distribution of capital assets by a firm to its partners.
So,
a) Sec 45(4) does not apply in case of gift given by one partner to another partner.
b) But, after this the Partnership gets converted into Proprietor Concern the firm has to transfer its Capital assets to partners.Here this section 45(4) comes into picture.
So, in my opinion the said section applies.
So,
a) Sec 45(4) does not apply in case of gift given by one partner to another partner.
b) But, after this the Partnership gets converted into Proprietor Concern the firm has to transfer its Capital assets to partners.Here this section 45(4) comes into picture.
So, in my opinion the said section applies.
27 October 2009
ne other opinions , wel m not satisfied wid sreedhar reply.
03 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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 on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
