There are 2 partners in partnership firm
and the said firm is dissolved
Two partners have equally distributed assets and liabilities equally and started their own proprietary firm with same nature of business
what will be tax treatment for partnership firm and individual partners
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tax treatment on dissolution of partnership firm
Replies (4)
After discharge of all the tax liability of firm, the balance amount will be capital receipts in the hands of partners, tax-exempt.
sir, pl provide income tax section
Section 45(4) will apply in the hands of the firm and section 56(2)(x) may apply in the hands of partner's.
sir, in this case,assets includes plant and machinery, debtors, stock (and not land and building )
then how to calculate capital gain tax
then how to calculate capital gain tax
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