banner_ad

capital gain

Tax planning 1609 views 7 replies
User Avatar

Chartered Accountant
72 Points Posted on 19 January 2008

  if in a partenership firm all the parteners retired and new enter

the retiring parteners take the amt in excess of their bal in capital a/c.

whether they are liable to pay C.G.tax???

or the Firm??

what can be the effect of such transaction??

how to escape from paying C.G.??

Reply Share Follow
On 19 January 2008 at 14:40 Report
Replies (7)
User Avatar

Chartered Accountant
4772 Points Posted on 20 January 2008
It is a case of relinquishment of rights by the partners in the partnership business. This right is a capital asset. Relinguishment is a transfer as per IT act definition. SO IT IS TRANSFER OF A CPITAL ASSET BY PARTNER .......ALL OTHER CONSEQUENCES WILL FOLLE
Reply
On 20 January 2008 at 09:51
User Avatar

Chartered Accountant
4772 Points Posted on 20 January 2008
if all the partners retire first before inducting new partners........it becomes case of dissolution of firm ........this point is to be taken note of while planning
Reply
On 20 January 2008 at 09:53
User Avatar

Chartered Accountant
72 Points Posted on 21 January 2008
thxs for reply. can C.G. be avoided in any way if i want to avoid it in tis case??? plz reply
Reply
On 21 January 2008 at 14:23
User Avatar

Article
1426 Points Posted on 22 January 2008
I am not very sure but I think C.G does not comes into existence.. If I am wrong kindly correct me...
Reply
On 22 January 2008 at 12:00
User Avatar

Chartered Accountant
72 Points Posted on 25 January 2008
see in my reply box... you can email me at jimin_99variya @ yahoo.co.in
Reply
On 25 January 2008 at 12:35
User Avatar

Article
1426 Points Posted on 13 February 2008
Expecting few more replies.
Reply
On 13 February 2008 at 14:46
User Avatar

Guest
460555 Points Posted on 08 March 2008
dear jimmin . pl refer to sighania 's book on this topic with practicle problems clealy in new edition for ca final thanks
Reply
On 08 March 2008 at 00:18


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details