There are four partners P,Q,R & S in Partnership firm 'Poojara & Co' having equal right. among them S is going to retired and at the time of retirement his share from firm being to Rs.25 lacs which he relinques such right in favour of such partenership firm. Whether such relinquesment is chargable to capital gain tax or not?
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Capital Gain tax at time of Relinquishment of right in firm
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| Originally posted by : parin | ||
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There are four partners P,Q,R & S in Partnership firm 'Poojara & Co' having equal right. among them S is going to retired and at the time of retirement his share from firm being to Rs.25 lacs which he relinques such right in favour of such partenership firm. Whether such relinquesment is chargable to capital gain tax or not? |
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As per the definition of "Transfer" mentioned in Sec.2 Relinquishment of right amounts to transfer.
Therefore, Capital Gain Tax will be applicable on this.
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