A PARTNER SHARE INCLUDING CAPITAL AND CURRENT ACCOUNT BALANCE IS TRANSFERRED TO HIS MINOR SON AND HE RETIRES FROM THE FIRM, THE MINOR PARTNER WILL CONTINUE AS PARTNER FOR PROFIT ONLY.
WHETHER ANY CAPITAL GAIN TAX ATTRACTS AND OTHER SECTION APPLICALBE TO THE TRANSACTION.
PLEASE CLARIFY
THANKS IN ADVANCE
as it is a gift from father to minor son, no such tax implications, but the profits would go in hands of father only
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
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Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
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RBSM Corporate Advisors Private Limited
Pune
CA
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Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
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CCI
Pro
CAclubindia
