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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2011
Can a partnership firm gift any asset to retiring partner and also if a retiring partner foregone his capital to other partner without any consideration, will it attract income tax. please tell me the procedure and advise.
27 September 2011
well definately u/s 47 of Income tax act transfer of asset to th retiring partner of firm is a transfer and capital gain is attracted on the same
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