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Tax implication

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Querist : Anonymous

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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
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U S Sharma

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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.
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Querist : Anonymous

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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
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
26 July 2025 https://docs.google.com/document/d/1jF2b_C_yDXwqhzn60xQ8t2mE_qtoz2W3tVACWJXqG_s/edit?usp=sharing
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