Transfer of Assets of Firm to Partners - all are blood relations - Income Tax

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?

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Transfer of Assets of Firm to Partners - all are blood relations

Murugesan

Kapadia Pravin

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