Hello I am CA Saurabh Pimparkhede.
I have a doubt in applicability of newly inserted sec 9B of income tax act.
In case addition of partner or retirement of partner in firm and reduction in share of other partner, what will be the status of taxation under sec 9B and how it will be taxed?
Taxed in the hands of the entity only (taxed depending upon the asset position as on that date i.e. capital asset, the entity is taxed under capital gain tax, if it is stock in trade then taxed in the hands of entity under business income). Note section 9B is inserted in Finance Act to bring the firm under tax net.
RMA And Associates LLP
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