Mr. X & Mr.Y formed a partnership Firm on 03-Dec-2003, by contributing Rs.2,00,000/- each in Cash as theirs Capital Contribution. On 17-Jan-2009, Firm is Dissolved. As per dissolution of partnership Firm’s Deed, it is agreed by and between the parties that Mr. X shall be entitled to carry on the existing business as a proprietor. On the date of dissolution of partnership Firm the Capital of Mr. X was Rs.5,50,000/- and Mr. Y was Rs.5,00,000/-. The Firm Paid to Mr. Y Rs.5,00,000/- as per his Capital. Please determine the amount of chargeable Capital Gains of the Firm and in the hands of Mr. Y (if any) for the Assessment Year 2009-2010.
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