Section 45(4) of capital gain
This query is : Resolved
ganesh nikam
(Querist)
22 January 2012
can we apply section 45(4) of IT Where some partner retire from firm .
CA PARAS BAFNA
(Expert)
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.
ganesh nikam
(Querist)
23 January 2012
very very thank u sir
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