capital gain on transfer of firm's property!

KIndly explain the tax provision of capital gain on the transfer of the firm property!

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tax provision of capital gain on the transfer of the firm property section45(4) 


The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise , shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the said transfer takes place and, for the purposes of

, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.

agree with harish

Sir, Can You Answer How Many Sub-section are there in section 10 of Income Tax Act 1961

thanks Harish

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