Tax on Dissolution of partnership

This query is : Resolved 

28 February 2008 1. If a partnership is being dissolved and some of the assets are transferred to the partners. What will be the Sale consideration for CG purpose.
2. Will it be LTCG or STCG (Depreciable - STCG, others LTCG based on usage?)
3.How is distribution of balance cash left on dissolution to the partners treated?
4. Please give details of any Case laws available in this connection.

28 February 2008 1.The Sale conscidration will be the value on which the assets transfered to the partner.
2.Yes,the sale considration will be indexing if having LTCG and STCG
3.The final balance sheet will be prepared and allocation of Asstes after deduct liblitey will be transfered in Partners capital a/c

29 February 2008 FOR CAPITAL GAIN PURPOSES THE CONSIDERATION WILL BE THE AMOUNT AT WHICH ASSETS ARE TRANSFERRED TO PARTNERS






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