capital gain

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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.??

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On 19 January 2008 at 14:40 Report
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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
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On 20 January 2008 at 09:51
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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
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On 20 January 2008 at 09:53
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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
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On 21 January 2008 at 14:23
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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...
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On 22 January 2008 at 12:00
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Chartered Accountant
72 Points Posted on 25 January 2008
see in my reply box... you can email me at jimin_99variya @ yahoo.co.in
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On 25 January 2008 at 12:35
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1426 Points Posted on 13 February 2008
Expecting few more replies.
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On 13 February 2008 at 14:46
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Guest
463405 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
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On 08 March 2008 at 00:18

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