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TMI BlogCAPITAL GAINS FOR RETIREMENT OR DISSOLUTION OF PARTNERSHIPX X X X Extracts X X X X X X X X Extracts X X X X ..... CAPITAL GAINS TAX ON RETIRMENT / DISSOLUTION OF PARTNERSHIP Mr. A has Capital A/c of ₹ 15,00,000. His share in the assets of the firm comes to ₹ 80,00,000/- Case 1. He retires from the firm and he receives ₹ 25,00,000 in cash and balance 55,00,000 in a godown (property in name of firm) transferred to Mr. A. Cost to firm ₹ 20,00,000/-. Would the firm have to pay c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital gains tax u/sec 45 on 55lacs-20lacs on property transferred and also on the 25lacs - 15 lacs , excess given to partner on his capital account What if the firm, revalues the godown before dissolution and makes book entries. is this legal and allowed by ITO CASE 2 Same as above, but dissolution. the three partners all take ₹ 80lacs consisting of cash and property. Their capital acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt is ₹ 15 lacs each. Would the firm be liable to pay tax on all the transfer of properties. CASE 3 All partners are brothers. Can a family settlement be made and properties transferred before MR. A retires from partnership. The firm is based in Thane Dist.Maharashtra and all partners reside in Thane. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Whether you have got clarified in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he above issue? If not please inform. - CAPITAL GAINS FOR RETIREMENT OR DISSOLUTION OF PARTNERSHIP - Query Started By: - murtaza hussien Dated:- 21-7-2014 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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