A partnership firm has taken a property in 2007, (deed has been made at name of partner). in 2011 partner is retired from the firm and cost of his share in property has been transfer by a firm to a partner at time of his retirement. but property is continue at name of retired partner
- New partner is entred in firm (2014)
- now in 2017 firm has sale the property
- what is the effect of capital gain in hands of retired partner???
section45
Replies (2)
After retirement and receipt of his share from firm,he is no more a partner to recieve income from such sale of property later.Hence it is taxable in the hands of firm by taking Nil value as Cost of Aquisition.
Sorry,Cost of acquisition to firm is Amount paid to retired partner towards such property
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