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u/s 56(2)(vii)

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 February 2011 a partner retire from firm n received rs. 30 lakh against rs. 10 lakh as his capital balance on retirement date....... i wanna to know 56(2)(vii) will attaract or not.......
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
05 February 2011 The extra amount received by the partner is not a gift. It may be deemed as additional amount received against the value of the assets left in the firm.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
06 February 2011 Sec 56(2)(vii) will not apply in this case, It is not clear that amount was received without consideration.
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