Valuation of a partner's right to share the profits of the firm without the right to share the assets - Income Tax - 219/1977

Valuation of a partner's right to share the profits of the firm without the right to share the assets Circular No. 219 Dated 30/5/1977 To All Commissioners of Income-tax/ Commissioners of Gift-tax. Sir, Subject: Valuation of a partner's right to share the profits of the firm without the right to share the assets. In exercise of the powers conferred by rule 10(4) of the Gift-tax Rules, 1958 [as amended by the Gift-tax (Second Amendment) Rules, 1976], the Central Board of Direct Taxes hereby direct that the value of a partner's right to share the profits of the firm without the right to share the assets shall be calculated in the manner specified in the annexure to this Circular. Yours faithfully, (Sd.) D.B. Ahuja, DIRECTOR, CENTRAL BOARD OF DIRECT TAXES.