what is the correct tax treatment of revaluation profit in the hands of retiring Partner?? is it taxable or exempt if yes under which section please reply urgently.
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Tax treatment of revaluation profit
Replies (1)
Receipt of such funds is realisation of asset and there is no transfer by the retiring partners attracting any capital gain tax liability. The case of retiring partner is fully supported by decision of the honble Supreme Court in Tribhovandas G. Patel, 236 ITR 515 and Mohanbhai Pamabhai, 165 ITR 166.
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