Where a partner reduces his share in the firm from say 50% to 40% then whether the partner will be liable to capital gains tax in respect of his individual assessment in respect of the 10% transferred ( suppose if his share is transferred to the existing partner). If yes please state the relevant section.What are the implications of such a transaction from the point of view of any or all acts in India.
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Change in Profit sharing ratio
Replies (1)
Partner is not liaible to Capital Gain because there is no transfer of CAPITAL ASSET. Partner either withdrawn his capital from the firm or by mutual understanding he withdraws his profit share.
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