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Tax treatment of negative partner's capital on retirement from the firm


Hardik Hindocha   29 October 2019

Hardik Hindocha

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What's the tax treatment of negative capital in the hands of a working partner when he leaves the Partnership firm where he was having equal share?

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Niteesh Thakur (other)     29 October 2019

Niteesh Thakur
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Being loss of capital nature, it cannot be set off with other income.

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