Section 45(4) capital gain impact

Absolutely. There will be capital gains in the hands of the firm in the year of transfer of capital assets to partners on its dissolution - Section 45(4).

Fair Market Value of asset transferred on date of transfer is taken as the value of Consideration. (If asset transferred is land, ignore stamp duty value).

As per section 45(4) it is chargable to tax as there is transfer of capital asset in the hands of partner.

Yes, Capital Gains Chargeable in the hands of the firm.
But see that the assets being distributed are Capital Assets.