In tuition class partnership business father and son are partner father want to retire and admit his another son as partner in his place and transfer his closing capital balances to his both son equally as gift my question is :
1.Is it possible to transfer his capital account balance to both of his sons by gift deed ?
2. is any income tax or gift tax possible
please advise us
Regards
1. Yes. Possible.
2. Not liable.
CAclubindia
