there is an immovable property in the name of Partnership firm. there are 2 partners in the firm who are retiring & 2 new parners are coming. retiring partners are transferring the property to new partners at cost. new partners have made payment of cost of property through capital brought by them. will this transaction attract capital gains? please reply as fast as possible. Thanks in advance
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Capital gain
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Since the firm is re-constituted completely by all the partners going out and two partners coming in, transfer of capital asset will attract capital gain.
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