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Treatment of capital withdrwal in aop

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 August 2011 if an joint venture ( JV ) is executed through AOP, and the parties to AOP withdraws capital in pattern described in JV apart from profit sharing. How is withdrawal treated in the hands of parties to the AOP ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 August 2011 In case the amount earlier contributed by them is being withdrawn by them, such withdrawal is capital withdrawal and do not attract any tax implication.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
02 August 2011 I do agree with the expert
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