Cash Recevied on Liquidation of firm whether taxable or not?
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Cash recevied on liquidation of firm whether taxable or not?
Replies (3)
i think cash or other assets received on liquidation is deemed to be capital gains.
Cash received on Liuidation of Firm is not Taxable because it is recaputer of Capital and Goodwill for which Cost of acquisition can not be ascertined, also refer B C Srinivasan Setty Case.
https://www.indiataxes.com/Information/incometax/contents/capitalgains/specialcases/cap_spe_liq.htm
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