A, B and C are the partner of a Partnership Firm ABC & Co.
Their Capital Account Balance as on 31-10-2019 was :
A : Rs. 10,50,000
B : Rs. 10,50,000
C : Rs. 10,50,000
Their Profit sharing ration was
A : 33.33%
B : 33.33%
C : 33.33%
A wants to sale his interest in partnership to C at Rs. 25,00,000
What will be income tax consequences in the hand of A, C and the Partnership Firm ?
CAclubindia
