26 August 2010
In case of dissolution of a firm, the deceseased partners share is transferred to his legal heirs. So in case of the legal heirs what will be the cost of acquisition as per Income Tax Act? Please tell the relevant section numbers also as per the Income Tax Act?
28 August 2010
As per section 45 incase of any transfer of capital assets at the time of dissolution if firm will be taxable in the hands of receipient and fair value of the assets will be taken as sale consideration on the date of dissolution.
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