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Treatment of immovable properties conversation partner ship to proprietary firm

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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08 August 2021 Sir,
A and B two partners in partnership firm.if A partner retired from firm and B partner continue business proprietary firm.all assets and liabilities B received from firm book value based.
Question:
A partnership firm all assets and liabilities transferred to b partner capital gains tax applicable( firm pay)or not in it act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 August 2021 Firm has to pay capital gains tax. Net of assets and liabilities transferred in excess of capital account will be considered as capital gains to the firm.

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