Hello everyone.
What is an ITR reporting treatment for "Capital Transferred" by will from Grand Mother to Grand Son who files his return U/s 44ADA?
In the above case Grand Mother being a partner in an audited firm transferred her capital amount to her Grand Son and introduced as a partner.
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ITR reporting treatment of Capital transferred by will to a new partner (Grand Son)
Replies (1)
It is treated as a gift
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