29 June 2013
In determining the period of holding of a capital asset received by a partner on dissolution of firm, can the period of holding of the capital asset by the firm be taken into account?
29 June 2013
Once the asset has been transferred to the partner on dissolution you must be knowing that it is treated as a transfer and capital gains tax is payable by the firm, if there be any. This is not Section 49(1) case.
. After that capital asset becomes the asset of the partner. Firm's holding period will not be taken into account when the partner transfers such asset as the matter of firm's holding period has already come to an end. .
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