Takeover of partnership firm by parents
This query is : Resolved
23 September 2015
Hello Sir/Madam,
We have a Partnership firm In Hyderabad Incorporated under Partnership act, 1932. and this partnership firm managed by 2 partners. Due to some reasons The parents and one of the relative ( 3 Members) wants to join as partners in the firm. and earlier partners of the firm ( 2 sons) wants to quit from the firm.
In this scenario kindly let us know that how to handle this situation.
1. will it comes under sale of partnership firm? or kindly let us know the procedure for the taking of Partnership firm by parents.
We have a Partnership firm In Hyderabad Incorporated under Partnership act, 1932. and this partnership firm managed by 2 partners. Due to some reasons The parents and one of the relative ( 3 Members) wants to join as partners in the firm. and earlier partners of the firm ( 2 sons) wants to quit from the firm.
In this scenario kindly let us know that how to handle this situation.
1. will it comes under sale of partnership firm? or kindly let us know the procedure for the taking of Partnership firm by parents.
Guest
Guest
(Expert)
24 September 2015
Legally if the 3 members come on the same date when the two members resign, then it will amount to sale of Assets from One partnership firm to other because partnership is a "relationship" between partners. However, if done progressively - for example, one partner retires and two partner comes in and later on the other partner resigns and so on, then it will not amount to sale of partnership.
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- STCG FOR GOLD ETFs
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
