05 August 2011
Firm having 4 partners is owner of a building. and wants to transfer the building by way of inducting another 4 persons, who want to purchase the assets & liability of firm for 20lacs more than the assets as per B/S. What will be taxability, whether capital gain to be attracted or Rs. 20lacs to be treated as income of the firm?
05 August 2011
1 .Firm having 4 partners is owner of a building.
2. and wants to transfer the building by way of inducting another 4 persons,
How this is possible? Please clarify. To whom the building will be transferred? If it is to transferred to the new 4 persons, logically it is not correct to say that the new partners are being inducted.
05 August 2011
FIRST REVALUE BUILDING AND CREDIT REVALUATION RESERVE TO PARTNERS CAPITAL ACCOUNT THEN INTRODUCE FOUR PARTNERS THEN RETIRE OLD PARTNERS BY PAYING UP THE SUM REFLECTED IN CAPITAL ACCOUNT NO TAX CONSEQUENCE WILL ARISE
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