Dear Sir,
Past History: 5 people have puchased a land in the INDIVIDUALS name and started a partnership firm by going for KSFC loan.
We have a situation, where one of partner of our firm has sold his share in the partnership firm to the external person(No rleation to seller). Registration has been done as SALE DEED with X amount. In a partnership firm, can we go for the SALE DEED? Or we should go for the tranfer of authourity?
In the sale deed, only the 20% of land has been sold considersing the revenue documents. What will be the income tax for the seller on the amount X?
Will it be considered as a Capital Gains? Or it will be considered as an income from the partnership firm?
If possible please provide the section under which the seller is taxable?
NOTE: Seller is exiting from the Partnership firm and New Partner is joining. Please do let me know if any question.
Best Regards,
Praveen.