We have partnership firm since 2001 I was just retired on nov 2017. we have building in accounts of partnership firm. my share building comes to 20%. in march i have sold share in building to other partners & received rs 10,00,000/- can i pay capital gain on received amount of rs 10 lakh.property purchased by partnership firm rs 1 lakh in march 2001
how much i will pay or not to pay
No.
Hon’ble Supreme court in the case of Mohanbhai Pamabhai (supra) following its judgment in the case of Sunil Siddharthbhai v. CIT 156 ITR 509 (SC) held that when a partner retired from the firm and received his share of an amount calculated on the value of the net partnership assets including goodwill of the firm, there is no transfer of interest of the partner in the goodwill, and no part of the amount received is assessable as capital gain under section 45 of the Act.
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