u/s 56(2)(vii)
This query is : Resolved
Querist : Anonymous
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.......
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.
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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