Section 45(4) of capital gain
This query is : Resolved
22 January 2012
can we apply section 45(4) of IT Where some partner retire from firm .
22 January 2012
45(4) is applicable only in the case of dissolution of firm. The fiction of Fair Market value would work only in the case of dissolution.
.
While a partner retires and the firm continues, provisions of Capital gains would apply as- normally applicable to the firm.
.
While a partner retires and the firm continues, provisions of Capital gains would apply as- normally applicable to the firm.
23 January 2012
very very thank u sir
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