what is the correct tax treatment of revaluation profit in the hands of retiring Partner?? is it taxable or exempt if yes under which section please reply urgently.
Thank You
Menu
Tax treatment of revaluation profit
Replies (1)
Receipt of such funds is realisation of asset and there is no transfer by the retiring partners attracting any capital gain tax liability. The case of retiring partner is fully supported by decision of the honble Supreme Court in Tribhovandas G. Patel, 236 ITR 515 and Mohanbhai Pamabhai, 165 ITR 166.
Recent Threads
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
Related Threads
CAclubindia
