Dear sir... Can the capital held by a partner in his name be transferred to another partner (who is son of transferring partner ) either fully or partially as on any particular date. Can this transfer be effected by way of GIFT - Is there any tax implication sir - please do the needful
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Gift of partners capital balance
Replies (2)
First you have to check your partnership deed. however, gift can be given by relative
Gift received from a relative is exempt from tax,like in this case gift in the form of transfer of capital by father to son in a partnership business shall not be taxable.But the Tax Implication will depend upon what is the purpose of transfer and whether the transfer is fully or partially.
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