Slump sale and continuance of partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2013
An assessee has sold the business with assets under slump sale. However, the vendee firm had opted to continue with the vendor firm name & style for maintaining goodwill. Few of the vendor's old partners continued in the firm while others retired after slump sale. The firm continued with certain group of partners from Vendee firm till 31/03 and the vendor's remaining partners also retired.
Till sale - below 1Cr and second period > 1Cr.
Kindly advise whether a single return to be filed and related issues.
Thanks in advance - Due for Tax Audit
Till sale - below 1Cr and second period > 1Cr.
Kindly advise whether a single return to be filed and related issues.
Thanks in advance - Due for Tax Audit
06 October 2013
No need of slump sale. Value the goodwill and pay to the outgoing partners and for new partners make the admission and retirement deed at a time.
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