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Tax effect on Partnership Firm of Fixed asset revaluation
yogesh
asked on 20 January 2009
Answer this query now
Tax effect on Partnership Firm of Fixed asset revaluation
Dear sir,
Pls guide in following regard.
On 1/4/2000:
Revaluation of fixed assets of Firm by following entry
FA .....Dr
To Capital A/c ....Cr
On 2/4/2000:
Dissolution & Reconstitution of Firm by entry of 2 new partners (Now total no. of parners 4 i.e.Old 2;New 2)
On1/6/2000:
Old 2 partners retired from firm; New 2 will carry on the firms business.
In such situation, what will be the tax effect on firm of Fixed asset revaluation?
Pls suggest.
Thanking you.
Yogesh.
Replies (1)
Revaluation of fixed assets will not have any tax implication. It is of capital nature hence can not give rise to tax liability.
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