Tax of Revaluation of asset of Firm and Cr to Ret. Partners
This query is : Resolved
26 February 2020
Kindly help me out in case of revaluation of Partneship Assets and Revaluation surplus transferred to Partners Capital A/c. Then 2 Partners are admitted and 2 partners retired after payment to retiring partners of balance to capital account including revaluation surplus.
What will be taxablility in the hands of Firm and Retiring Partners.
What will be taxablility in the hands of Firm and Retiring Partners.
27 May 2020
For firms the gains will have to credited to Income Statements of the business.
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