Is there arising any Capital Gain on it ?

In he hands of the firm taxable amount of long Term Capital Gain is Rs.2,48,596 and the amount of tax is Rs.49,720

In the hands of the partner nothing shall be taxable as capital gain

Before answering, it is needed to be clarified whether on the dissolution, the amount of capital balance is paid in the form of any capital asset, or by cash only......the question uses the words 'sum paid' which gives an inkling that the balance is released in the form of cash...........

Still assuming the capital is paid in the form of capital asset, then the FMV on the date of transfer of such capital asset shall be the Full value of consideration and cost of acquitisition shall be the cost of acquisition of such asset in the hands of the firm as the L/STCG is taxable in the hands of the firm......................if cash is paid than no cap. gains can be said to have arisen........................

further in the hands of partner to whom the cap asset is transferred, the COA shall be the amount at which the asset is actually transferred..................

hence in ur case above...............

Cap. gains in the hands of the firm is ..........

FVC                  =              (fair market value of asset on the date of transfer.)

less:

COA               =            (COA/indexed COA in the hands of the firm of

                                          such capital asset)

CG                                             X             X                  X             X            

AND LATER IN THE HANDS OF THE PARTNER, IF HE SELLS SUCH ASSET IN FUTURE, CAP GAINS SHALL BE LIKE THIS..........

FVC                  =              (SALE VALUE OF ASSET.)

less:

COA               =            (COA/indexed COA in the hands of the PARTNER AS THE

                                            TRANSFERRED AMOUNT[RS.500000 IF

                                                    TRANSFERRED AT THIS AMOUNT])

CG                                             X             X                  X             X            

............................PLS COMMENT..........