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Transfer of Assets of Firm to Partners - all are blood relations
Kindly clarify whether capital gain applicable on transfer of land and building of Firm transferred to the partners, all partners are blood relatives (Father, Mother, son and son's wife). Partnership can be continued as it is. Whether dhanasettlement (without consideration) or Gift deed is applicable?
Replies (1)
All assets belong to partners in respective profit/loss sharing ratio. in the same ratio, you can transfer Firm asset. capital gain if any will in name of Firm.
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