Tax implication

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
17 July 2011 If a partner is paid15,00,000=00 agaist his capital1,20,250=00 and retires from the firm, what will be the tax effect in the hands of that partner as well as in the hands of the firm? Firm is not having fixed assets but have some property as stock because it is a firm engaged in construction business
Profile Image

U S Sharma

Profile Image

U S Sharma (Expert)
17 July 2011 means the diff is due to revluation of capital asset of firm....

firm is liable to pay tax on it.
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 July 2011 But Firm is not having fixed assets but have some property as stock because it is a firm engaged in construction business
Profile Image

Aashok Kumar Sharma

Profile Image

Aashok Kumar Sharma (Expert)
26 July 2025 https://docs.google.com/document/d/1jF2b_C_yDXwqhzn60xQ8t2mE_qtoz2W3tVACWJXqG_s/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Trending Online Classes

view all classess

Follow us


Answer Query



Quick Links



Browse by Category