Treatment of immovable properties conversation partner ship to proprietary firm
This query is : Resolved
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.
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.
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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